The Central Bank has named a way to keep the budget rule – Kommersant
[ad_1]
The Bank of Russia believes that the only way to maintain the validity of the budget rule is to change the taxation of the oil and gas sector. This is stated in project The main directions of the unified state monetary policy for 2024-2026, which was developed by the regulator.
According to the Central Bank, an important factor in planning budget policy in the medium term will be “the risks of exhausting the liquid part of the National Wealth Fund and the stability of the current budget rule.” The Bank of Russia admits the possibility of maintaining oil and gas revenues below the baseline even in the event of a moderate weakening of the ruble. In this regard, the only way to maintain the budget rule, the regulator called “adjustment of taxation parameters in the oil and gas sector.” How exactly it is proposed to change the taxation for the oil and gas sector is not specified.
The fiscal rule is a mechanism for converting windfall 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 the mechanism, above which the currency was purchased. Now foreign currency is purchased within the framework of the budget rule if the actual revenues from the sale of oil and gas for the month exceed the base level calculated by the Ministry of Finance.
In August, the Ministry of Finance for the first time this year began buy currency and gold within the framework of the budget rule, because in July the budget’s oil and gas revenues (811 billion rubles) exceeded the base level (653 billion rubles). At the same time, the Central Bank began to sell the yuan in parallel, and as a result of these multidirectional efforts of the two regulators, the market is waiting for the same net sale of the currency that was observed throughout the year. However, on August 10, the Central Bank announced that it would not buy foreign currency on the domestic market until the end of the year as part of the budget rule.
More details – in the publication “Kommersant” “A budget game without rules”.
[ad_2]
Source link
