The Ministry of Finance for purchase of foreign currency on the domestic market from 2018, will consider the actual ruble

Moscow. July 21. INTERFAX.RU – Ministry of Finance of the Russian Federation after the adoption of the amendments to the Budget code on the new budgetary rule will prepare them in the development of the regulatory framework, including a description of the mechanism of purchase and sale of foreign currency on the domestic market, where it will be considered the actual, rather than projected exchange rate.

“Following the amendments to the Budget code, we will need to make different related legal acts, including decrees of the government, and they will specify these mechanisms (the purchase of foreign currency on the domestic market – if)”, – said the “Interfax” Deputy Finance Minister of Russia Vladimir Kolychev.

He recalled that at the present time to evaluate additional or drop-down of oil and gas revenues from the assessment of income in the upcoming month the actual price is subtracted the base value of oil and gas revenues, which would be at the price of $40 per barrel. “Now he is taken from the value at the time of formation of the budget – that is, based on the forecast at the time of formation of the budget of course, and it will be considered on the basis of the actual rate, that is, how much would revenues when oil is $40 and the actual rate”, – said Kolychev.

Earlier on Thursday in conversation with journalists he noted that since February this year the Ministry of Finance conducts operations on the foreign exchange market in accordance with the transitional provisions of the budgetary rules. “Their main goal is to reduce the dependence of domestic economic conditions, including real effective exchange rate of the ruble, the dynamics of oil prices. Already seeing good results – since the start of operations declined and the exchange rate correlation with oil, and increased the credibility of policies that can be observed in the dynamics of capital flows. At the same time, the current mechanism for determining the scope of operations on the foreign exchange market takes into account in the calculation of the forecasted exchange rate, which can lead to some Pro-cyclical volume of transactions relative to capital flows. Use in calculating the effective rate of the ruble allows to avoid it”, – said the Deputy Minister.

The Ministry of Finance began to conduct operations on purchase of currency from February 7. The volume of transactions depends on the amount of oil revenues. The purchase of foreign currency in the amount of additional oil and gas revenue made, while the actual price of Urals crude exceeds $40 per barrel. When the price drop below $40 a barrel will be carried out operations on sale of currency in the amount of lost oil and gas revenues.

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 variation in February was mainly due to the fact that the actual volume of export of oil and oil products in the 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 deviations of 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.

From 10 may to 6 June, the volume of daily purchases fell to 400 million rubles in connection with nedopushchenie income in April to 46 billion rubles.

In the period from 7 June to 6 July, the Ministry of Finance has directed on purchase of foreign currency on domestic currency market of 45.1 billion roubles, the daily volume was equivalent to 2.1 billion rubles.

The total amount of funds allocated by the Ministry of Finance of the Russian Federation on the purchase of foreign currency from 7 July to 4 August, amounted to 74.3 million rubles. The daily volume of purchases of foreign currency equivalent to 3.5 million rubles. The low volume of additional oil and gas revenues, the Ministry of Finance explained the decline in oil prices in June amid relatively stable exchange rate of the ruble.