The falling ruble has allowed the Finance Ministry to earn 271 billion rubles.


“Verbal interventions” of the officials who stopped in the past month, the strengthening of the ruble, the government has helped sovereign funds to capitalize on the revaluation of foreign currency savings to 271 billion rubles in July.

As follows from the materials published today by the Ministry of Finance, the exchange rate difference from revaluation of means of Reserve Fund in foreign currency in July was a plus 104,2 billion rubles, and from the revaluation of funds of the national welfare Fund (NWF) — plus 166.6 billion ruble RUB total increase of exchange rate differences for two of the government’s “pod” made up 270,8 billion and helped to offset previous losses from revaluation (June) (242,8 billion rubles).

Win of the Ministry of Finance from exchange rate differences due to the depreciation of the ruble in July. Last month the Russian currency has lost 3.1 percent, according to Bloomberg terminals — the third worst result among currencies of developing countries after Colombian peso and the Turkish Lira. The ruble began to depreciate immediately after President Vladimir Putin on 19 July at the meeting with Prime Minister Dmitry Medvedev asked the government followed the growing ruble exchange rate. Then, presidential aide Andrei Belousov confirmed that the ruble began to grow excessively, which creates a number of problems for the Russian economy reduces budget revenues, and reduces the competitiveness of domestic industry, “devalues the task of import substitution”.

Two weeks after Putin’s words about the exchange rate of the dollar on the Moscow stock exchange rose by approximately 5.7% from 63 to 66,59 rubles. on the day 2 August. “As a result barely started to form a life-affirming trend of oil is down and the ruble is not) didn’t last more than a few weeks. All were able to re-evaluate the role of verbal intervention in our economic life,” wrote the authors of the monthly monitoring of the Ranepa and the Gaidar Institute.

As of August 1, the amount of the Reserve Fund amounted to 2.56 trillion (an increase of 104,2 billion RUB compared to July 1), and NWF — of 4.84 trillion (an increase of 166.6 billion rubles per month). Funds sovereign wealth funds in dollars, euros and British pounds are stored on special accounts in the Bank of Russia. Since was cancelled by the fiscal rule, the funds are not replenished, can occur only two things — spending and the currency revaluation. In April and may of 2016, the Ministry of Finance were taken at 390 billion rubles from the Reserve Fund to Finance the budget deficit, in June and July such expenses were not.