deferred currency purchases do not change the mechanism of the budget rule – Kommersant
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Deputy Chairman of the Central Bank Alexei Zabotkin said that the suspension of the purchase of foreign currency under the budget rule does not change the very mechanism of the rule. According to him, such a move “redistributes in time” the operations associated with the budget rule.
“The decision of the Bank of Russia to temporarily suspend the purchase of foreign currency under the budget rule is not any change in the mechanism of the budget rule. It only redistributes in time the operations of the Bank of Russia related to it in the domestic foreign exchange market, ”said Mr. Zabotkin, his words are quoted press office Central Bank.
From August 10 until the end of the year, the Central Bank will not buy currency in the domestic market under the fiscal rule as a mirror of the operations of the Ministry of Finance on the sale of yuan from the NWF. This decision was explained by the need to reduce the volatility of financial markets.
The purchase of the currency has been postponed indefinitely: it could happen during 2024 and beyond. The decision to resume the purchase of foreign currency in the domestic market within the framework of the fiscal rule will be taken by the regulator, taking into account the actual situation in the financial markets.
The fiscal rule is a mechanism for converting excess profits from the oil and gas industry into savings through the purchase of foreign currency. In 2023, the preset cut-off price for Urals was excluded from this mechanism, above which the currency was purchased. Now foreign currency is purchased according to the budget rule if the actual revenues from the sale of oil and gas for the month exceed the base level. In August, the Ministry of Finance for the first time this year will begin to buy currency and gold under the budget rule. This is due to the fact that in July the budget’s oil and gas revenues (811 billion rubles) exceeded the base level (653 billion rubles).
More details – in the publication “Kommersant” “A budget game without rules”.
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