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. Last Updated: 07/27/2016

Forex Concession

MOSCOW -- Russian exporters who need hard currency to repay foreign credits are now obliged to sell only half of their export revenues for rubles instead of 75 percent, the previous minimum, according to a presidential decree.

"The raw materials lobby has won a victory," the newspaper Vremya MN reported Tuesday.

President Boris Yeltsin's decree offered the concession to exporters who spend more than a quarter of their hard currency earnings on servicing foreign credits.