The Ministry of Finance will reduce the purchase of foreign currency reserves by 1.5 times

the Ministry of Finance from February 7 to March 5 will be directed on purchase of foreign currency through Mosberg 214,2 billion. It is 1.5 times less than in the previous period.

the Ministry of Finance from 15 January to 6 February 2020 increased the purchase of foreign currency by 1.6 times after declining 14% from 6 December to 14 January and increased in November by 7%.

From January 15 to February 6, the Ministry of Finance has spent on buying the currency of 309.9 billion, or 18.2 billion rubles every day.

From February 7 to March 5, the currency will decline.

“the Aggregate volume of funds allocated for the purchase of foreign currency, is +214,2 billion. Operations will be conducted in the period from February 7, 2020 March 5, 2020, respectively, the daily volume of purchases of foreign currency amount to the equivalent of 11.3 billion rubles,” — said the Ministry.

“the Expected volume of additional oil and gas revenues of the Federal budget associated with the excess of actual oil prices over the base level projected in February 2020 in the amount of +226 billion rubles. The total deviation of the actual received oil and gas revenues from the expected monthly volume of oil and gas revenues and the assessment base monthly volume of oil and gas revenues from the base monthly volume of oil and gas revenues in January 2020 amounted to USD 11.8 billion rubles”, — explained in the Ministry of Finance.

the CBR uses for these operations with the tool USDRUB_TOM, calculations involving the next trading day. The Finance Ministry started buying the currency in the market in 2017, to minimise the dependence of the ruble on volatility of oil prices. For this purpose are sent additional oil and gas revenues.