Rouble surges unabated as Russia mulls looser capital controls

THE rouble’s blistering rebound picked up pace on Monday, ratcheting up pressure on Russia to ease a key capital-flow control that’s underpinned the currency’s recovery.

With the gains now threatening to hurt budget revenue and exporters, a decision to cut the share of hard-currency earnings that exporters convert into roubles could come as early as this week, according to two people familiar with the matter. The mandated proportion could be reduced to 50% from 80% currently, the people said, who requested anonymity because the details of the plan aren’t public.

The rouble’s rebound has left it more than 30% stronger against the dollar than it was before Russia invaded Ukraine on February 24. Authorities have been gradually easing the strict limits on foreign-exchange operations imposed in the days after the invasion to stem a sharp drop in the currency.

The restrictions, combined with a collapse in imports amid the sweeping