The Central Bank bought on the market for the Ministry of Finance currency more than 16 billion rubles

© RIA Novosti / Natalia to Seliverstova in fotobanka the building of the Central Bank of the Russian Federation. Archival photoThe Central Bank bought on the market for the Ministry of Finance currency more than 16 billion rubles© RIA Novosti / Natalia to Seliverstova the image Bank

The volume of Bank of Russia operations on purchase of currency on the domestic market in the interests of the Ministry of Finance of the Russian Federation with the calculations of may 16 amounted to 16.2 billion rubles, follows from the data on the regulator’s website.

CB uses for these operations with the tool USDRUB_TOM, calculations involving the next trading day.

The Finance Ministry announced plans from 10 may to 6 June to buy domestic currency by 16.1 billion rubles per day, a total of allocating 322,8 billion.

In the previous period, from April 6 to may 8 — the Ministry of Finance planned to purchase 240,7 billion rubles ($11.5 billion per day), however, amid a sharp weakening of the ruble due to sanctions of the United States in April, the Central Bank suspended these operations, and after their resumption of daily volume purchases (except for two days) was above plan. As a result, the scope to purchase foreign currency funds even slightly exceeded the plan, making 242,5 billion rubles.

As explained by RIA Novosti, the Central Bank, buying currency for the Ministry in the budgetary rules may vary on some days in the case of high volatility in the market. And the first Deputy Chairman Ksenia Yudaeva said that the Central Bank of the Russian Federation at change of market situation able to correct both daily and monthly volume of purchases of foreign currency for the Ministry of Finance.

The Ministry of Finance in February 2017 began buying currency on the market to minimize the dependence of the ruble on volatility of oil prices. For this purpose are sent additional oil and gas revenues. As noted, the Central Bank, actual operations may deviate from the planned one due to exchange rate differences and rounding.

Source