The Ministry of Finance of Russia for the first time in a year began to sell foreign exchange and gold reserves, although it previously engaged in their acquisition.
According to the ministry, from April 7 to May 12, foreign exchange assets in the amount of about 1.6 billion rubles will be implemented daily, the correspondent of The Moscow Post reports with reference to the press service of the Ministry of Finance of the Russian Federation.
Together with the actions of the Bank of Russia, the daily amount of foreign currency sales will reach 10.5 billion rubles, which almost doubled the indicator of the previous month.
The reason for this step was lower than expected, revenues to the budget from the oil and gas sector. In March, the income deficit amounted to 65.5 billion rubles.
The main factors in the income of revenue are a decrease in oil quotes, a decrease in oil production, as well as a revision of tax obligations of companies over the previous year.
The last time a similar practice was applied in January 2024. According to the new standards, the approval of the Prime Minister is required to sell the currency from reserve reserves. The measures taken are aimed at stabilizing the ruble exchange rate and compliance with previously approved budget parameters.
Funds intended for sale in the market will be provided from previously accumulated foreign exchange and gold reserves.
