The Ministry of Finance has decided to almost halve sales of the most popular currency on the Moscow Stock Exchange. In April, the implementation of the Chinese yuan will be reduced by 37% – in March it received the status of the most demanded currency among Russian traders.
About the reduction of the application of the Chinese yuan is stated in the message of the Ministry of Finance. Sales of this foreign currency will be reduced as part of the budget rule, the document specifies.
Starting April 7, the Ministry of Finance will sell yuan in the domestic market in the amount of 3.7 billion rubles per day. In total, the Chinese currency worth 74.6 billion rubles will be sold in April, 37.7% less than in March, when the yuan sold for 119.8 billion rubles.
In March, the Finance Ministry forecast that the Russian budget would lose 132.1 billion rubles in revenue from the sale of oil and gas. According to the April forecast, the volume of lost budget revenues from oil and gas will amount to 113 billion rubles, 14% less than the March forecast.
The Chinese yuan became the most popular currency on the Moscow Stock Exchange in March. US dollar trading volume on the site amounted to $1.7 trillion, while market participants traded $2 trillion in Chinese yuan.
Author:
Kirill Bilyk
Source: RB
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