MOSCOW, may 4. /TASS/. The Finance Ministry will channel RUR 8.5 billion for the purchase of foreign currency on the domestic foreign exchange market in the period from 10 may to 6 June 2017. In may 2017 the Ministry of Finance expects revenues of 54.5 billion rubles of additional oil revenues, according to the materials of the Ministry.
“The total amount of funds allocated for the purchase of foreign currency on the domestic foreign exchange market in the period from 10 may to 6 June 2017, is estimated at 8.5 billion rubles. Respectively, the daily volume of purchases of foreign currency will be equivalent to 0.4 billion rubles”, – stated in the message of the Ministry of Finance.
Excess oil and gas revenues of the Federal budget on a monthly assessment of the relevant Federal law on the Federal budget for 2017-2019, in may 2017 is projected in addition to the amount of 54.5 billion rubles.
If the current market conditions it is expected that the volume of funds allocated for the purchase of foreign currency on the domestic foreign exchange market in subsequent periods would be higher.
Mechanism of currency purchases
The Bank of Russia on behalf of the Ministry of Finance will buy the currency on the auction of the Moscow exchange evenly throughout the trading day. Purchased foreign currencies will be credited to accounts of Federal exchequer in Bank of Russia.
As previously reported, the Federal Treasury can start purchasing the currency for the budgeted expenditures of the Ministry of Finance and additional income from oil exports from January 2018.
According to the head of the Treasury of the Novel artyukhina, the mechanism involves release of the Treasury directly to the Moscow stock exchange to purchase foreign currency for the current expenditures of the Federal budget in the currency and purchase of currency on additional income from oil, which now holds the Finance Ministry. At the moment, said Artyukhin, the Treasury is preparing a roadmap for the development of the scheme of purchase of currency directly on the exchange.