Vladimir Putin is to discuss ramping up currency controls with Russian authorities on Wednesday, after an extraordinary 3.5 percentage point rate hike failed to halt the rouble’s slide, according to two people familiar with the matter.
Putin, Russia’s president, will hear out proposals from Russia’s finance ministry to require exporters to convert some of their foreign currency earnings, most of which are currently held abroad, in exchange for roubles, the people said.
The rouble, which briefly weakened beyond 100 to the dollar on Monday, is under sustained pressure from ballooning deficits caused by increased military spending, falling export revenues and a growing reliance on imports.
The Kremlin and the finance ministry did not immediately respond to a request for comment.
