The Ministry of Finance may deviate from the budget rule due to the fall of the ruble – Kommersant
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The Russian Ministry of Finance may refuse to purchase foreign currency for oil and gas windfall due to the weakening of the ruble. This was reported by the Vedomosti newspaper, citing sources.
According to Vedomosti, due to the fall of the ruble, interventions may put additional pressure on the exchange rate. The source of the publication expects that the purchase of foreign currency under the budget rule will not be resumed until the end of the year.
According to the source of the newspaper, the oil and gas windfall in August will be used to finance the deficit, which will slow down the pace of use of the National Welfare Fund (NWF).
From 2023 to 2025, a transitional version of the fiscal rule is in effect. According to it, excess profits will be directed to the National Welfare Fund in the event of an increase in the nominal volume of oil and gas revenues by 8 trillion rubles. The decision to enter the market will be made on the basis of the basic monthly volume of oil and gas revenues.
Last week, the Moscow Exchange index exceeded 3,000 points for the first time since the entry of Russian troops into Ukraine. On August 1, the index rose to 3100 points for the first time since February 22, 2022. Experts attributed this to the devaluation of the ruble, rising oil prices, the dividend policy of companies and the external background. Yesterday, August 2, the euro exchange rate on the Moscow Exchange rose up to 103 rubles, dollar – 94 rubles. for the first time since March 28, 2022, the yuan traded above 13 rubles. for the first time since April 14, 2022.
More details – in the material “Kommersant” “Points Up”.
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