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Bank of Russia to start transactions on FX market in relation to NWF funds' use on Aug. 1

The daily volume of those transactions will total 2.3 bln rubles from August 1, 2023 to January 31, 2024, according to the regulator

MOSCOW, July 21. /TASS/. Russia’s Central Bank will start transactions on the foreign exchange market in relation to using the funds of the National Wealth Fund (NWF) on August 1, with daily volume of transactions totaling 2.3 bln rubles ($25.3 mln), the regulator reported on Friday.

"Starting August 1, 2023, the Bank of Russia apart from regular transactions on purchase (sale) of foreign currency under the fiscal rule will start transactions in relation to using the funds of the National Wealth Fund (NWF) for their placement into permitted financial assets inside Russia’s economy," the Bank of Russia said.

The daily volume of those transactions will total 2.3 bln rubles ($25.3 mln) from August 1, 2023 to January 31, 2024, according to the regulator. "At the end of each half of the year the Bank of Russia will define the amount of sale (purchase) of foreign currency in the amount of net investment of the NWF’s funds in rubles in the period," the Central Bank noted.