The Central Bank will announce deferred currency purchases under the fiscal rule in November-December

The Bank of Russia will announce the timing of the resumption of regular currency transactions under the fiscal rule and the implementation of deferred currency purchases in the second half of November or early December. This was announced by the Chairman of the Central Bank, Elvira Nabiullina.

“We are now discussing these decisions, and, as I said before, we will announce this before the beginning of next year – maybe in the second half of November – early December – about how these operations will be carried out next year,” she said Elvira Nabiullina on the sidelines of the Finopolis forum (quote from TASS).

The Central Bank does not buy currency on the domestic market as part of the fiscal rule as a mirror of the Ministry of Finance’s operations to sell yuan from the National Welfare Fund since August 10. These measures will remain in effect until the end of the year to reduce volatility in financial markets.

The purchase of foreign currency was postponed indefinitely. It may be resumed during 2024 and subsequent years. The Central Bank will decide to resume purchasing foreign currency on the domestic market within the framework of the fiscal rule, taking into account the situation in the financial markets.

Will the decision of the Ministry of Finance on the purchase of foreign currency affect the ruble exchange rate – in the material “Yuan and gold will be added to reserves”.

Anastasia Larina