Russia eases capital controls to let companies transfer forex overseas

Started by OZER, Jun 08, 2022, 10:50 PM

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In an effort to ease the pressure on its rouble, the Russian government on Tuesday granted export-focused companies permission to transfer foreign currencies to accounts abroad under certain conditions.

According to the state decree, starting on Tuesday the finance ministry will allow export-oriented companies to receive foreign currency from non-residents and transfer it overseas provided that it is later returned to Russia and sold on the market.

A gradual easing of Russia's strict capital controls is taking place following its sending troops into Ukraine in February, which was intended to prevent capital flight and save its currency.

Following the rouble's fall to record lows in March, it has recently recovered to around 60 U.S. dollars per euro - not seen since years earlier.

A strong rouble has hit the government's revenues, so Russia has eased the capital restrictions. Various measures have been taken by the central bank to revive lending and soften the rouble, including a combined cut of 900 basis points to 11% since February.

It is seeking to stem the rouble's surge by easing requirements that companies with export-oriented business sell 80% of their revenue in foreign currency at home and setting new limits of 50%.

In recent weeks, numerous Russian banks have been cut off from the international payments network SWIFT, making conducting foreign exchange operations via domestic banks more risky than before. According to analysts at VTB Capital, Tuesday's decision should help Russian exporters improve their foreign transactions.
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Black Americans need the government funding to start business and they know help black Americans become owners

His vague explanation of how he's "doing so much" without ever giving specific details reminds me of an elementary school kid telling his teacher the dog ate the homework, "but it was the best essay ever I swear".   Sure it was , everything smells like BS because it's all BS.

Garlands plan is to wait out the clock so he can say, oh we just couldn't get to it in time.rrr,

Reading the comments I hope you love this guy. Went from the high 20's to 7 bucks on your backs. Creating new shares on a quarterly basis to dilute you. I hope you like this stock cause you deserve it.

Sad to hear ppl saying offing themselves is the only way out after loseing all their cash but also you cant go all in on 1 single crypto and expect no risk. At the very least get a diversified portfolio.

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Transitory supply chain crisis... Ohh never mind the rent, and cost increases on stuff there's plenty of fiction of your imagination.... What happeneds when you print trillions and monitize the debt? Inflation

Thanks for this great explanation.. We're doomed. A crash is coming. Can't print trillions of dollars out of thin air and expect no inflation! Us is the only country in the world that doesn't back it's money with gold.

So short answer "LoL of course not you financial noobs" listen people they are stuck printing money. They cannot stop.

Given what we know now, the Supreme Court and DOJ are somewhat compromised by a few!

Who can buy a Tesla if they can't get a job at FAANG because of hiring freezes, and when their stock holdings have crashed 30%? Nobody buys a $70,000 Tesla unless the've got job confidence