New currency law not seen hurting Russian reserves

RUSSIA - The reduction in the amount of hard currency companies are obliged to exchange for roubles is not expected to have a major impact on the forex market nor prevent the central bank from building up it foreign currency reserves, dealers said on 31 July.

Earlier this month Parliament approved a cut in the volume of hard currency revenues which exporters are forced to sell at a special currency trade session despite opposition from the head of the central bank, Viktor Gerashchenko.

The

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