Shuvalov announced the purchase of the currency due to the rise in oil prices

The Bank of Russia may start buying currency on the market due to the strengthening of oil prices. In an interview with Bloomberg first Deputy Prime Minister Igor Shuvalov.

“At the current oil prices and given the decision netrate additional oil and gas revenues, we can confidently talk about the possibility of buying currency in the market”, — said Shuvalov. As the official said, the volatility of the ruble is bad for the Russian exporters, which the government considers it important “to provide greater predictability of the ruble, its lower exposure to unpredictable changes in oil prices”.

To reduce the volatility of the domestic currency, the government is working together with the Central Bank, said Shuvalov. Specific details of the discussion, he not only called and said that the purpose of these measures is “reducing long-term volatility of the real exchange rate of the Russian ruble”. That is what should be aimed a new fiscal rule, said earlier the Ministry of Finance, but the rule will work only in 2020. sent a request to the Ministry of Finance.

The ruble on the Moscow stock exchange is cheaper on said. As of 13:21 GMT, the dollar rose 0.9 percent (52 kopecks), to 60,03 rubles per dollar. In the budget for 2017 laid down the average rate to 67.5 rubles per dollar, that is a significantly weaker rouble than it is now. In 2016, the ruble became the most profitable currency among all 150 global currencies strengthening by 20%.

Shuvalov stressed that the government does not dispute the Central Bank’s monetary policy, “respects its independence”. The last time the Central Bank bought foreign currency on the market in may—July 2015 (in 2014, the Central Bank has abandoned regular interventions, to declare a free exchange rate).

The government must not spend windfall that can occur when growth in oil prices, said Finance Minister Anton Siluanov, adding that the approach approved and the President. In the budget for the next three years laid the price of oil to $40. At $50 per barrel, the budget will receive about 1 trillion rubles of additional revenue, and at $55 — 1.4 trillion rubles, Siluanov said. Brent crude is now trading at $54,2 per barrel, Russian Urals is typically sold at a discount to Brent of $1.5—2.