Russian cenbank: capital controls may have reverse effect long-term, make rouble weaker
© Reuters. A Russian state flag flies over the Central Bank headquarters in Moscow, Russia, August 15, 2023. A sign reads:"Bank of Russia". REUTERS/Shamil Zhumatov/File photo
The measure, due to last six months, requires 43 undisclosed exporting firms to deposit with Russian banks no less than 80% of foreign currency earned, and then to sell at least 90% of those proceeds on the domestic market within two weeks. The bank also said in its report that it expected annual inflation to start coming down next spring due to Russians' increased savings and higher interest rates.
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