Finance Ministry ready to resume foreign exchange interventions in September

The Ministry of Finance is ready in a test mode to start buying foreign currency for oil and gas super profits in the near future – as soon as the concept of the budget rule is approved, a source close to the government told Vedomosti, the information was confirmed by two other interlocutors, also close to the Cabinet of Ministers. According to them, the mechanism must be agreed upon before the draft budget is submitted to the State Duma – this year the government must do this before October 1.

According to Vedomosti sources, the issue of approving the concept has been brought up to the level of the president. As soon as the decision is made, the Ministry of Finance will be able to promptly resume purchases of foreign currency. “Since, obviously, the issue with the rule will be resolved before the submission of the draft budget, theoretically, interventions could begin as early as September,” one of the interlocutors specified. Indeed, there are no obstacles to resume purchases during the transition period, another source of Vedomosti confirmed. The law gave the right to suspend the budget rule – it can be unfrozen. According to the interlocutor, formally, purchases in this case can only be made within the framework of the previous version of the rule, since the new mechanism for its full launch must be adopted in the form of a law.