And here comes the introduction of the institution of authorized importers.

Today we actually introduced the institution of authorized importers. Who will be able to buy currency on the official exchange strictly for certain purposes. The fuckup is following exactly the scenario I once wrote for the revival of Soviet economic practices, effectively killing the market economy. The answer is an inevitable shortage of any imported goods. Any because the number of authorized importers will be reduced currency will be allocated to them only for the purposes vital to the partyocracy. Provision of the population with goods is not such. The same will lead to an increasing difference between the official and black market rates, as well as to the elimination of the RTS currency index. The Central Bank recommended the banks to have different rates for importers and other companies Central Bank recommended the banks to bring the exchange rate closer to the exchange rate for importers and those who have currency liabilities, found out RBC. On the contrary, it is prescribed to worsen conditions for purchase of foreign currency for other companies Bank of Russia recommended credit institutions to adjust approaches to setting rates of purchase and sale of foreign currency to clients - legal entities, according to the Central Bank letter to credit institutions, which was sent on March 30. RBC reviewed it and its authenticity was confirmed by the sources in three Russian banks. The list of addressees was not disclosed in the document. It was sent to the credit institutions "according to the list". RBC sent an inquiry to the Central Bank. According to the letter the Bank of Russia recommends the following approaches to corporate clients. For importing companies purchasing foreign currency for settlements under import contracts the maximum deviation of the exchange rate in the bank from the exchange rate should not exceed 2 rubles. The same maximum deviation is proposed to corporate clients with foreign currency loans or Eurobonds, if the currency is purchased for the settlement of such obligations. For legal entities buying foreign currency with the aim of conducting operations with the permission of special governmental commission, the purchase price should not exceed the exchange rate also by more than 2 rubles. For other companies, on the contrary, it is proposed to expand the range of spreads (the difference between the purchase and sale price of currency) on exchange transactions in dollars, euros and pounds sterling. Banks are advised to set rates with a deviation of at least 10 rubles from the exchange levels. Thus, the conditions of currency exchange for these companies will be less favorable. Central Bank suggested the banks to change conditions of exchange operations for business to provide stability at financial market and prevent "considerable increase" of banks liabilities in foreign currency to legal entities and private persons, as it is said in the document. It doesn't say for how long such recommendations of the Central Bank are introduced. The instruction was received by banks against the background of the rapid decline in the dollar and euro at the stock exchange: as of 15:40 Moscow time on Wednesday, March 30, the dollar is traded at 84.6 rubles and the euro at 94 rubles. Monday morning the dollar was still above Br93, while the euro - above Br100. March 10, the Bank of Russia introduced restrictions on cash withdrawal of foreign currency by clients - legal entities and individual entrepreneurs (PE) for six months. The standard limit for the Russian residents is up to $5 thousand in cash or its equivalent in euros, pounds, Japanese yen to pay or reimburse business trip expenses of employees traveling abroad. Non-residents will not be able to withdraw cash dollars, euros, pounds or yen from accounts and deposits until September 10. Restrictions also apply to the withdrawal of cash currency by individuals.