The Ministry of Finance and dramatically reduce the volume of purchases of foreign currency

Photo: Vladislav Shatilo / RBC

The Ministry of Finance in March will dramatically reduce the volume of purchases of currency on domestic market. Reason — oil exports, which in February came in below expectations

The Ministry of Finance from March 7 to April 6, will purchase the currency for 70.5 billion rubles, is spoken in the message of Department. The daily volume of purchases, respectively, will amount to 3.2 billion rubles. “In the current situation it is expected that the volume of funds allocated for the purchase of foreign currency on the domestic foreign exchange market in subsequent periods will be higher”, — said the Ministry of Finance.

Thus, the Ministry sharply reduced the volume of purchases of foreign currency. From February 7 to March 6 it should be of 113.1 billion rubles (6.3 billion rubles per day). The reduction, as explained by the Ministry of Finance, due to the fact that the actual volume of export of oil and oil products in February was below forecast estimates of the forecast of socio-economic development (underpins the budget).

“In addition, the actual exchange rate of the dollar against the ruble in February formed at a lower level compared to the average monthly value January used to estimate,” explained the Ministry. Just in February, the budget was 21.4 billion roubles of oil and gas revenues less compared to the estimate made a month earlier. Thus, according to the forecast of the Ministry of Finance, in March the budget will receive from the sale of oil on 91,9 billion rubles more in comparison with the amount laid down in the law on the budget.

The Treasury buys the currency on additional oil and gas revenues arising from the price of oil above $40 (this price is based the Russian budget). On behalf of the Ministry of Finance currency in the amount of the windfall buys the Central Bank, the decline in the price of oil below $40 per barrel, the authorities, on the contrary, are planning to sell the currency. As the Minister of Finance Anton Siluanov, with oil at $50, the budget will receive about 1 trillion rubles of additional revenue, at $55 – 1.4 trillion rubles.

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