Central Bank liberalizes export revenue sales

Today, the board of directors of the Central Bank of Russia decided tochange regulations for selling export revenues, the department for externaland public relations of the bank reported. This is connected with thestabilization of the situation on the Russian financial market.The Central Bank established that compulsory sale of a part of exportrevenues of legal entities should be executed directly to the Central Bankthrough authorized banks on interbank currency exchanges acting on thebasis of licenses issued by the Central Bank. It can also be sold on anover-the-counter interbank currency market or to an authorized bankservicing the resident company.The Central Bank is elaborating on corresponding legal instruments. Thisprocedure will come into force after these documents are adopted andregistered by the Russian Justice Ministry..