MOSCOW, May 7 (RIA Novosti) - The Central Bank of Russia has cancelled from May 7 the obligatory sale of foreign currency export proceeds on the domestic market.
The Bank of Russia's decision reflects the positive dynamics of Russia's macroeconomic indices, a budget surplus, large international reserves and a systematic surplus of foreign currency supply compared to demand, the Central Bank said earlier in a statement.
The bank's board of directors decided to lower the requirement for the obligatory sale of foreign currency earnings by Russian exporters from 10% to zero at its March 27 meeting.
The decision aims to ensure a smooth transition to foreign currency transactions without any restrictions from January 1, 2007, the statement said.
