MOSCOW, Jan 13 (PRIME) -- The Russian Finance Ministry will return to foreign currency purchases suspended in March 2020 and will spend 106.3 billion rubles in the period from Friday until February 4, or 7.1 billion rubles a day, the ministry said in a statement on Wednesday.
The additional oil and gas income of the federal budget due to higher than estimated oil prices is seen at 73.5 billion rubles in the period. In December, the additional oil and gas income due to a higher oil price was 32.7 billion rubles.
The Finance Ministry buys foreign currency for additional oil and gas revenue of the federal budget and transfers the money to the National Wealth Fund if the average oil price is above a figure defined by the budget rule. But if the price is below the level, the ministry starts selling foreign currency in order to cover the budget deficit. For 2020, the cut-off oil price is U.S. $42.4 per barrel.
(74.2663 rubles – U.S. $1)