The Finance Ministry will reduce the volume of currency sales by 1.6 times

the Volume of currency sales budget rule from 8 July to 6 August 2020 will amount to 125,6 billion. This was reported on the website of the Ministry of Finance of the Russian Federation.

every day for these purposes will be allocated an amount equivalent to 5.7 billion rubles. This means that the sales volume will drop by 1.6 times in comparison with the previous period.

“the Expected shortfall of oil and gas revenues of the Federal budget associated with excess base oil prices over actual cost, projected to July 2020 in the amount of 47.8 billion rubles”, — stated in the message.

the Total deviation of the actual received oil and gas revenues from the expected monthly volume of oil and gas revenues and the assessment base monthly volume of oil and gas revenues from the base monthly volume of oil and gas revenues by the end of June 2020 amounted to 77.8 billion rubles.

In June, the President of the Central Bank Elvira Nabiullina said that the Bank of Russia will continue to sell the currency in the market, in accordance with the budget rule and on the basis of instructions of the Ministry of Finance, and will return to buy when the conditions are appropriate.

the Controller performs foreign exchange transactions in the interest of the Ministry of Finance: the budget rule in the oil price above the upper limit cut-off (in 2020 is $42.4 per barrel) the additional revenues of the budget is allocated for purchase of foreign currency and translated into the Bank accounts of Russia for the subsequent transfer to FNB. In cases when the price of oil is below a prescribed rule level currency, in contrast, is sold, and the proceeds are used to Finance the budget deficit.

Nabiullina also said that the Central Bank sold on the market for $4.3 billion currency (300 billion) from the money received in the transaction for the purchase of a controlling stake to Sberbank by the government. Implementation of the currency has had a moderating influence on the exchange rate.

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