Russian Central Bank: Decline in foreign exchange sales by exporters led to the weakness of the ruble

The Russian Central Bank: The decline in foreign exchange sales by exporters led to a weakening of the ruble, as the Russian Central Bank said that Russian exporters reduced their sales of foreign currencies during the first days of April, which contributed to a significant weakness in the value of the Russian ruble, as the Russian currency fell more than 5% this week The past to reach its lowest level in about a year.

The bank stated that “there was a temporary decrease in foreign exchange proceeds sales by exporters, which accelerated the ruble’s weakness in early April,” and Russian exporters are required to convert parts of their foreign exchange earnings into rubles to meet tax payments at the end of the month and comply with strict Russian controls on capital .

Moscow has moved to adopt the Chinese currency and encourage businesses and individuals to move away from Russia’s decades-old reliance on the US dollar as a foreign currency. Russians bought 41.9 billion rubles of yuan in March, up from 11.6 billion in February.