Since February of this year Russia’s Finance Ministry will start buying and selling foreign currency on the domestic market. To make these operations will involve the Central Bank, according to a press release of the Ministry.
“The volume of transactions will depend on the amount of oil and gas revenues of the Federal budget. While the actual price for Urals oil exceeds $40 per barrel, the Ministry of Finance will carry out transactions on purchase of foreign currency in the amount of additional oil and gas revenues”, – stated in the message.
Than the Ministry of Finance, the ruble is not nice?
According to the Agency, the decision was made to increase the stability and predictability of domestic economic conditions and lower impact on the economy of the Russian market of energy carriers.
It will also help to ensure equivalence in foreign currency operations, the magnitude of the deviation of the actual volume usage of Reserve Fund and national welfare Fund determined by the law on the budget in 2017, according to the Ministry of Finance.
Earlier the first Vice-Premier of Russia Igor Shuvalov stated that the creation of reserves in foreign currency to stabilize the exchange rate, protecting it from excessive strengthening. While protecting the national currency from volatility, according to Shuvalov, will not last more than two years.