11.01.2023, 13:21
The Central Bank of the Russian Federation will resume operations with foreign currency in the domestic market
Source: OREANDA-NEWS
OREANDA-NEWS The Bank of Russia announced that from January 13, within the framework of the currency rule, it will return to operations with foreign currency on the domestic market. They will be held on the Moscow Stock Exchange in the "Chinese yuan — ruble" instrument. The Ministry of Finance announced plans from January 13 to February 6 to put up for sale foreign currency for 54.5 billion rubles. in accordance with the forecast indicator for lost oil and gas revenues. The dollar exchange rate against this background fell by 1.35 rubles.
"In order to minimize the impact of these operations on the dynamics of the exchange rate, the Bank of Russia will buy (sell) foreign currency on the market evenly during each trading day of the month," the Central Bank said in a statement.
It is noted that the regulator's approaches to conducting monetary policy under the conditions of applying the budget rule do not change. The Central Bank retains the ability to conduct operations on the foreign exchange market to maintain financial stability.
The Ministry of Finance of the Russian Federation called the goals of the decision to conduct operations in the domestic foreign exchange market "to increase the stability and predictability of domestic economic conditions, as well as to reduce the volatile energy market conditions on the Russian economy and public finances."
The agency expects in January a shortfall in oil and gas budget revenues at the level of 54.5 billion rubles. In this regard, from January 13 to February 6, he intends to put up for sale the equivalent of 3.2 billion rubles every day. "Due to the risks of reducing the actual volumes of gas exports compared to the forecast values, the volume of receipts from export duties on gas may be in a smaller volume, which will be taken into account in the adjustment in the coming months," the Ministry of Finance said.
The ruble exchange rate strengthened against the background of the publication of the news. In half an hour, the dollar on the Moscow Exchange fell from 69.55 rubles to 68.44 rubles. In general, the Russian currency strengthened by 1.35 rubles during the trading day. The euro fell by 1.15 rubles.
"In order to minimize the impact of these operations on the dynamics of the exchange rate, the Bank of Russia will buy (sell) foreign currency on the market evenly during each trading day of the month," the Central Bank said in a statement.
It is noted that the regulator's approaches to conducting monetary policy under the conditions of applying the budget rule do not change. The Central Bank retains the ability to conduct operations on the foreign exchange market to maintain financial stability.
The Ministry of Finance of the Russian Federation called the goals of the decision to conduct operations in the domestic foreign exchange market "to increase the stability and predictability of domestic economic conditions, as well as to reduce the volatile energy market conditions on the Russian economy and public finances."
The agency expects in January a shortfall in oil and gas budget revenues at the level of 54.5 billion rubles. In this regard, from January 13 to February 6, he intends to put up for sale the equivalent of 3.2 billion rubles every day. "Due to the risks of reducing the actual volumes of gas exports compared to the forecast values, the volume of receipts from export duties on gas may be in a smaller volume, which will be taken into account in the adjustment in the coming months," the Ministry of Finance said.
The ruble exchange rate strengthened against the background of the publication of the news. In half an hour, the dollar on the Moscow Exchange fell from 69.55 rubles to 68.44 rubles. In general, the Russian currency strengthened by 1.35 rubles during the trading day. The euro fell by 1.15 rubles.
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