The Ministry of Finance may resume the purchase of foreign currency in 2023
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The Ministry of Finance will resume buying foreign currency next year in case of additional oil and gas revenues to the budget. This was announced at a briefing by the head of the Ministry of Finance Anton Siluanov, his words are quoted by TASS. The ministry also does not exclude the resumption of the purchase of foreign currency this year. In this case, we will talk about a “friendly” currency. In 2022, yuan can be bought for the National Wealth Fund (NWF).
“If the situation next year is such that we see additional oil and gas revenues, we will participate, as before, in the foreign exchange market. We can store in rubles, but then there will be no impact on exchange rates. Of course, we, as exporters, don’t really want a strong exchange rate, but we also don’t need sharp fluctuations,” said Mr. Siluanov.
The Ministry of Finance does not rule out that the purchase of a “friendly” currency on the market may begin as early as this year. “What currency is “friendly”? Obviously, today it is the yuan,” said Anton Siluanov.
“Based on the budget rule, we will send rubles to the Central Bank, and the Central Bank, as before, will independently decide whether to enter the market or not,” the head of the Ministry of Finance also said. “We can store in rubles (FNB funds.— “b”), but then there will be no impact on exchange rates,” Mr. Siluanov noted.
Earlier, Vedomosti reported that the Ministry of Finance could resume buying foreign currency in September. This will happen if the authorities approve the parameters of the new budget rule in early autumn, the decision will be made at the presidential level. According to media reports, the purchase of foreign currency will take place if the price of oil exceeds $60, and the volume of production in the country is 9.5 million barrels per day.
Read more in the publication “b FM” “Interventions are expected to resume”.
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