The Ministry of Finance of the Russian Federation will direct on purchase of foreign currency 74.3 million RUB additional revenues from oil

MOSCOW, 5 July. /TASS/. The Ministry of Finance of Russia in the period from 7 July to 4 August 2017 direct purchases of foreign currency 74.3 million rubles this is stated in the materials posted on the website 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 7 July to 4 August 2017, is 74.3 million rubles, Respectively, the daily volume of purchases of foreign currency amount to the equivalent of 3.5 million rubles”, – reported in the document.

Earlier (from June 7 to July 6) the Ministry of Finance daily have purchased currency the equivalent of 2.1 billion rubles.

According to the Finance Ministry, the positive deviation of oil and gas revenues of the Federal budget of the monthly assessment, the relevant Federal law on the Federal budget for the 2017-2019 biennium., in July 2017 is projected to be $ plus RUB 11.7 billion At the end of June, the comparable figure was 29.6 billion RUB compared to the forecast of the Ministry of Finance at the level of 41.2 billion RUB a deviation of the actually received oil and gas revenues by the end of June 2017 from the estimate made a month earlier, was negative 11.6 billion.

“The negative deviation is mainly due to the fact that the actual volume of export of oil and oil products in June was significantly lower than forecast estimates, calculated from the baseline scenario of socio – economic development of Russia, forms the basis of the Federal law on the Federal budget for 2017-2019”, – stated in the message of the Ministry of Finance.

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 currency will be credited to accounts of Federal Treasury in the CBR.

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, according to Artyukhin, the Treasury is preparing a roadmap for the development of the scheme of purchase of currency directly on the exchange.