Analysts suggested the government's actions to stabilize the ruble exchange rate
The suspension of daily currency purchases by the Central Bank until the end of the year has already helped stabilize the situation with the ruble exchange rate, which has been approaching historic lows in recent days. What other measures the authorities may take and whether they will do so, analysts interviewed by Izvestia suggested.
If the effect of the Central Bank's actions on the currency market is insufficient, a return to a stricter regime of compulsory sale of foreign currency proceeds to strengthen demand for the ruble is not ruled out, believes Andrei Barkhota. In spring 2022, exporters were obliged to sell at least 90% of earnings from the sale of raw materials and goods on the domestic market, but since then the norm has been reduced to 25%.
However, this step is unlikely - now it would not be so effective, said Alina Poptsova, stock market analyst at Alfa Capital Management Company. She explained: under the new sanctions exporters are much more difficult to return currency to the Russian Federation just because of problems with cross-border payments, so this measure can only aggravate their situation.
To stabilize the ruble, the Central Bank may introduce new restrictions on the withdrawal of capital from the country, said Alina Poptsova. For example, additionally limit the limit of transfers abroad (now it is $1 million) to curb the demand for foreign currency from friendly foreign banks.
Also more realistic is the temporary suspension of currency sales from the National Welfare Fund (NWF), added in "Alfa Capital". Now the Ministry of Finance buys foreign currency and gold from the market in the amount of 3.1 billion rubles a day, which negatively affects the ruble exchange rate.
Read more in the exclusive material of "Izvestia":
Fallen - get up: whether the Central Bank's measures will help to restrain the fall of the ruble
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