The Ministry of Finance will allocate 279.42 billion rubles for the purchase of currency and gold
Quick Look
From October 7 to November 6, the Russian Ministry of Finance will allocate 279.42 billion rubles to purchase foreign currency and gold from the National Welfare Fund due to the growth in oil and gas revenues.
AI-generated summary
Why It Matters
The volume of purchases is calculated based on expected additional oil and gas budget revenues.
The Russian Ministry of Finance will send 279.42 billion rubles to the National Welfare Fund (NWF) for the purchase of foreign currency from October 7 to November 6, which means 12.7 billion rubles per day. This is stated in a message on the department's website.
This volume was obtained from the additional oil and gas revenues of the federal budget expected for October in the amount of 289.46 billion rubles, as well as revenues lost in August in the amount of 10.04 billion.
In the second half of the year, the Central Bank sells foreign currency by 0.58 billion rubles per day as part of compensation for the net investment of NWF funds in permitted financial assets in the previous six months. Thus, the daily volume of purchases will be 12.12 billion rubles, which is six times more than in the last month.
The growth is associated with a sharp increase in the cost of the main Russian export grade of Urals oil, calculated for tax purposes (higher than the real cost), to $92.08 per barrel. In accordance with the procedure for collecting taxes, this fact will be reflected in the oil and gas revenues of the federal budget in October.
What to Watch
AI outlook — possibilities, not facts
The daily volume of foreign currency purchases will be 12.12 billion rubles
Very likely · Within weeks
Open Questions
- What will the exchange rate be during the procurement period?
