The Citrus Growers’ Association has issued a strong warning to SA fruit exporters to be aware of default risks by Russian importers.
This in light of the steady depreciation of the rouble against the US dollar.
According to the CGA, on August 20 the exchange rate was 67 to the USD. By the 24th it was already over 71.
Prime Minister Anatoli Medvedev said on TV that the decline was temporary and that the rouble would return to a stronger position. However forecasts of a further decline in oil prices, devaluation of the Chinese currency, economic problems in Far Eastern countries, and unfavourable news from New York Stock Exchange all point to a strengthening of the USD and further weakening of the rouble.
According to analysts in Sberbak, the USD will be running to 90 till the end of the year.
SA exporters have therefore been warned not to ship fruit without 100% payment on the date of loading.
Strong warning of default risks for exporters to Russia
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