Russian Govt To allow More Hard currency

MOSCOW -The Russian government plans to lower the requirement for mandatory foreign currency repatriation by local exporters to 50% from 75%, an Economics and Trade Ministry spokeswoman said 2 July.

Economics and Trade Minister German Gref announced the decision after a meeting in the Kremlin with President Vladimir Putin late Friday, the spokeswoman said.

The move would attract more investment to Russia, prompt further liberalization of the domestic economy and reduce pressure on the ruble, Gr