Mortgage activity hits 22-year low as rising rates bite housing market

Reuters

Rouble off 2-week highs as Putin signs capital control decree

Exporters will now need to convert forex into roubles in an amount set by a government commission, the decree said, without providing details. The move was seen as paving the way to an imminent easing of capital controls that had obliged exporters to convert 80% of their revenues into roubles after Russia sent tens of thousands of troops into Ukraine on Feb. 24. Putin’s decree, that in theory could lead to a lower supply of foreign currency by exporters, could send the rouble weaker to levels of 65 to the dollar, which are more comfortable for the budget, Promsvyazbank analysts said in a note.