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Bank of Russia sells foreign currency worth over $22 mln with settlements on August 11

The amount of funds to be allocated for purchase of foreign currency and gold from August 7, 2023 to September 6, 2023 totals $400 mln

MOSCOW, August 14. /TASS/. Russia’s Central Bank sold foreign currency worth 2.3 bln rubles ($22.7 mln) on the domestic market with settlements on August 11, according to data published on the regulator’s website.

The regulator also sold foreign currency in the amount of 0.6 bln rubles on the domestic market with settlements on August 10.

The Finance Ministry shifted to purchases of foreign currency and gold under the fiscal rule on August 7. The amount of funds to be allocated for purchase of foreign currency and gold from August 7, 2023 to September 6, 2023 totals 40.5 bln rubles ($400 mln), with daily purchases equaling 1.8 bln rubles, the ministry said.

Moreover, the Central Bank started transactions on the foreign currency market due to the use of funds of the National Wealth Fund (NWF) on August 1. Daily transactions from August 1, 2023 to January 31, 2024 will amount to 2.3 bln rubles.

The Russian Finance Ministry resumed FX sell operations in the domestic FX market under the new fiscal rule mechanism on January 13, 2023. Purchase and sales transactions of foreign currency are carried out by the Bank of Russia on the domestic market in the currency section of Moscow Exchange in the ‘Chinese yuan-ruble’ instrument. The amount of transactions on purchase or sale of liquid assets will depend on the amount of oil and gas revenues of the federal budget.