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Forex purchases by Finance Ministry may lead to minor changes in payment balance

February 10, 2017, 14:52 UTC+3

According to the bank of Russia, foreign exchange purchases may lead to minor changes in the current account of payment and financial balance

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MOSCOW, February 10. /TASS/. Foreign exchange purchases by the Finance Ministry will lead to minor changes in the current account of payment and financial balance, the Bank of Russia said on Friday.

"Purchases of currency by the Finance Ministry within the framework of implementing the transitional budget rule under current oil prices will probably exert an insignificant influence on the payment balance," the regulator said.

Operations of the Finance Ministry will lower dependence of the real effective ruble rate on oil prices and diminish the midterm need to respond by measures of the monetary policy to growing or declining oil prices.

Russia’s Finance Ministry started buying and selling foreign exchange on the domestic forex market this February. As long as the actual Urals oil price is above $40 per barrel, the Ministry will perform forex buying operations in the amount of additional oil and gas revenues. The decision is aimed at increasing the stability and predictability of the domestic economic environment and mitigating the impact of varying energy resources market situation on the Russian economy.

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