Russian President Vladimir Putin is scheduled to hold a special meeting to discuss alternatives for the control of the ruble after an exceptional rate hike of 3.5 percentage points failed to halt its fall, Financial Times reported on Wednesday, citing two people with knowledge of the matter.
According to the report, the Finance Ministry is in favor of requiring exporters to convert part of their foreign exchange earnings into rubles. This move would force exporters to sell up to 80% of their FX income within 90 days after delivery and prohibit firms refusing to comply from obtaining government grants.
In addition, discussions are also expected to be held on other measures, such as reducing the amount of foreign currency that exporters can take out of Russia, a ban on the payment of dividends and the granting of loans abroad, and the limitation of currency swaps. Nevertheless, one of the sources cautioned that the measures "aren't decided in any way other than with him."
