The Ministry of Finance revealed the volume of purchases of foreign currency in February

Daily from 7 February to 6 March, the Ministry of Finance will buy in the internal currency market of 6.3 billion roubles, is spoken in the message of Department. Just over a month the Ministry of Finance will spend on the purchase of foreign currency of 113.1 billion rubles, resulting from additional oil and gas revenues.

“Every working day within the specified period, the Bank of Russia will enter into transactions of purchase of foreign currency on the exchange market of the Moscow exchange uniformly throughout the trading day”, — stated in the message Department.

Purchase transactions will be conducted in accordance with the Government resolution of 17 September 2013 № 816 “On the implementation of operations under the management of Fund balances on the single account of the Federal budget in terms of buying (selling) foreign currency,” explains the Agency. Purchased currency will be credited to the accounts of the Federal Treasury in the Central Bank.

In February the Ministry of Finance begins to save in reserves additional oil and gas revenues. When oil prices are above $40 (this figure is included in the budget for 2017-2019 years) the authority will purchase foreign currency in the amount of the windfall, and when it drops below this level to sell the currency. “According to our estimates, at $50 per barrel, the budget will receive about 1 trillion roubles of additional revenues. And at $55 per barrel now, this would amount to 1.4 trillion rubles.” — said Finance Minister Anton Siluanov.