Bank of Russia proposes liberalisation of foreign exchange legislation
6 August 2020
News
In line with the regulator’s proposal, repatriation of hard currency earnings back to Russia would be repealed in a phased manner, together with constrains on their crediting to exporters’ foreign accounts. Also, a procedure would be simplified for resident to authorised bank interaction in foreign currency transactions.
The package of proposals was brought together following analysis of current foreign exchange legislation. The proposed measures would reduce corporates’ and banks’ administrative workload and expand exporters’ business capabilities including small and medium-sized businesses.
The regulator submitted the proposals to the Government of the Russian Federation.
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