The Finance Ministry will reduce the purchase of foreign currency to a minimum because of lost revenue


Moscow. May 4. INTERFAX.RU – the amount of currency purchases by the Ministry of Finance on the market in may and early June will be reduced to an absolute minimum because of the shortfall in April oil and gas revenues.

As reported on Thursday, the Finance Ministry, rejecting oil and gas revenues of the Federal budget of the monthly assessment in may is projected to be $ 54.5 billion rubles. With the deviation of the actual received oil and gas revenues by the end of April from a month earlier, the assessment amounted to 46 billion rubles. Thus, the total amount of funds allocated for the purchase of foreign currency on the domestic market in the period from 10 may to 6 June will amount to 8.5 billion rubles.

Accordingly, the daily volume of currency purchases will be the equivalent of only 400 million rubles, as against 3.5 billion in the period from 7 April to 5 may.

Such a large negative deviation from plan mainly due to the fact that the actual volume of export of gas and petroleum products in April was significantly lower than forecast estimates, the Finance Ministry says. An additional factor in the rejection was the return in April of the overpayment of previously paid customs payments. The decrease in exports of petroleum products was not offset by oil exports. Decreased compared with the theoretical estimates and the volume of oil production.

In addition, actual exchange rate of the dollar against the ruble in April formed at a lower level compared to the average monthly value of Mar used in the estimation, said the Ministry.

“Under 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 will be higher”, – stated in the message.

The Ministry of Finance began to conduct operations on purchase of currency from February 7 to March 6, the volume of daily transactions was planned for the equivalent of 6.3 billion rubles. The Ministry calculated that the additional oil and gas revenues in February will be of 113.1 billion rubles from that amount were determined the volume of daily purchases, but in the end the amount of additional income was less. As explained by the Ministry of Finance, the negative value of the deviation in February, mainly due to the fact that the actual volume of export of oil and oil products this month was below forecast estimates calculated from the baseline scenario of socio-economic development. In addition, actual exchange rate of the dollar against the ruble in February formed at a lower level compared to the average monthly value January used for evaluation.

The volume of monthly operations for March were calculated based on estimated excess oil and gas revenues for the month over the rating, provided by the law on the budget for 91.9 per billion, minus 21.4 billion rubles, which was adaposturi additional income, it is expected the Ministry of Finance in February. Daily volume in March, based on total volume of purchases at 70.5 billion rubles, amounted to 3.2 billion rubles.

To purchase foreign currency in the period from 7 April to 5 may, the Finance Ministry has sent 69,9 billion roubles on the basis of forecast deviation oil and gas revenues of the monthly assessment in April in the amount of 64.5 billion rubles, and the actual deflection at the end of March to 5.4 billion rubles. The currency in the interest of the Ministry of Finance acquires a Central Bank, it is credited to the account of the Federal Treasury.

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