In May, the Bank of Russia will increase sales of currency and gold on the domestic market tenfold within the framework of the budget rule: from 600 million to 6.25 billion rubles per day. The decision is explained by the fact that the Ministry of Finance reduced the purchase of gold and foreign currency by half.
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Thus, from June 6 to 8, the Ministry of Finance will allocate 5.55 billion rubles daily to the purchase of foreign currency and gold, the department reported in a statement.
The Central Bank will imitate the operations and sell another 11.8 billion rubles. As a result, the regulator’s net foreign exchange sales volume on the domestic market will be equivalent to 6.25 billion rubles per day. Last month this figure amounted to 600 million rubles a day.
“Therefore, the total volume of funds allocated to the purchase of foreign currency and gold amounts to 110.94 billion rubles,” the department said in a statement.
According to the department’s forecasts, in May additional revenues from the oil and gas budget will reach 183.58 billion rubles. At the same time, in April the deviation of the received income from the expected was estimated at -72.65 billion rubles.
Last month, the Ministry of Finance allocated 11.2 billion rubles daily for the purchase of currency and gold. In May, the department will purchase foreign currency and gold for the fourth consecutive time.
The last time this year the ministry sold foreign currency only in January and the first week of February.
Author:
Natalia Gormaleva
Source: RB
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