Deputies suggest obligatory sale of currency revenues below 30%

The Narodny Deputat (People's Deputy) group is going to suggest an amendment at the second reading of the bill on currency regulation and currency control regarding the volume of obligatory sale of foreign currency from export revenues. This information was released in a conversation with journalists by deputy head of this deputy group Anatoly Aksakov, who is also Chairman of the Russian State Duma Committee for Economic Policies.

According to him, the new version of the bill, introduced to the State Duma by the Russian government and adopted on the first reading, envisages this amount at 30 percent. Deputies in turn suggest setting this volume below 30 percent. Aksakov pointed out that due to this, the Russia Central Bank would be able to regulate the amount of obligatory sale of foreign currency from export revenues from 0 to 30 percent.

The amendment is to be presented before April 2003.

Aksakov reported that he had discussed this issue with Senior Deputy Chairman of the Central Bank Oleg Vyugin; the Central Bank had nothing against this amendment.