Russia's Finance Ministry to increase volume of daily currency/gold purchases as of April 5 by 2.4-fold to 11.2 bln rubles
05 April 2024
MOSCOW. April 3 (Interfax) - Russia's Finance Ministry plans to allocate 235.3 billion rubles for the purchase of foreign currency/gold under the fiscal rule from April 5 to May 7, with the daily volume of transactions equivalent to 11.2 billion rubles, the ministry said.This is 6.5 billion rubles or 2.4-fold more per day than from March 7 to April 4.
The Finance Ministry expects additional oil and gas revenues of 128.3 billion rubles from the federal budget in April. The deviation of actually received oil and gas revenues from the expected monthly volume was 107 billion rubles at the end of March.
The publication of new data by the Finance Ministry renders it possible to assess the volume of operations conducted by the Central Bank of Russia (CBR) on the forex market associated with replenishing and utilizing the National Wealth Fund (NWF).
The CBR has been buying or selling foreign currency in H1 2024, from January 9 to June 28, based on the adjustment to the volume of operations that the Finance Ministry has announced as part of the fiscal rule by the value of sales totaling 11.8 billion rubles per day.
Consequently, accounting for the Finance Ministry's announced volume of operations, the CBR will sell foreign currency totaling 600 million rubles per day from April 5 to May 7, 2024, versus 7.1 billion rubles per day from March 7 to Aril 4.The Finance Ministry began conducting currency/gold sales on January 15, at 69.1 billion rubles, or a daily volume of 4.1 billion rubles, for the first time since resuming purchases in August last year, and the ministry immediately allocated 73.2 billion rubles, or 3.7 billion rubles per day, from February 7 to March 6.
The Finance Ministry on August 7 2023 moved to purchases as part of the fiscal rule for the first time since February 2022. The volume of purchases at the time was set at the equivalent of 1.8 billion rubles per day, and the overall volume was 40.5 billion rubles as on September 6. The volume of daily purchases was increased seven-fold as of September 7, and the total volume of funds allocated was set at 276.16 billion rubles, or 13.15 billion rubles per day, in the period until October 5. From October 6, 398.72 billion rubles were allocated for purchases, or 18.12 billion rubles per day. From November 8, the volume rose to 621.1 billion rubles, or 29.6 billion rubles per day. In December, the daily volume of purchases dropped 60% to 11.7 billion rubles per day, or 244.8 billion rubles overall.
Source: https://interfax.com/newsroom/top-stories/101013/