OREANDA-NEWS Russian President Vladimir Putin has abolished the requirement for exporters to sell 50 percent of foreign currency earnings, TASS reported.

Under the decree, exporters must sell foreign currency in the amount determined by the government commission for the control of foreign investment in Russia within the period of time determined by the Board of Directors of the Central Bank of Russia.

Initially the share of obligatory sale of foreign currency proceeds to foreign market participants was set at 80%. Later it was reduced to 50%.
Earlier it was reported that the Ministry of Finance of Russia allowed exporters to transfer foreign currency proceeds to foreign accounts.

Prior to that, the Central Bank of Russia increased the period of compulsory sale of foreign currency proceeds by non-energy sector exporting companies from three to 60 days. Elvira Nabiullina, the head of the Bank of Russia, said during a speech in the State Duma that the regulator will not be able to completely abandon currency control in the foreseeable future. At the same time, it needs adjustment. Nabiullina noted that the adjustment of currency control should be made so that it would cover the risks, but not interfere with normal foreign economic activity.