MOSCOW. Sept 4 (Interfax) – Russia’s Finance Ministry plans to allocate 172.9 billion rubles for the purchase of foreign currency/gold under the fiscal rule from September 6 to October 4, with the daily volume of transactions equivalent to 8.2 billion rubles, the ministry said.
This is nearly 7-fold more than the daily volume of 1.12 billion rubles from August 7 to September 5, totaling 24.65 billion rubles.
The Finance Ministry expects windfall oil and gas revenue of 162 billion rubles in September. The deviation of actual oil and gas revenue from the expected monthly volume was 10.9 billion rubles in August.
The new data makes it possible to estimate the volume of operations conducted by the Bank of Russia on the currency market related to the replenishment and use of the National Wealth Fund.
The Central Bank is buying or selling foreign currency based on the amount of fiscal rule-based operations announced by the Finance Ministry adjusted for the amount to be sold totaling 8.4 billion rubles per day in H2 2024, from July 2 to December 28. The Central Bank conducted currency transactions with adjustment for sales of 11.8 bln rubles per day in H1 2024.