Cbank stops foreign currency purchases under budget rule for 2023

MOSCOW, Aug 9 (PRIME) -- Russia’s central bank will stop purchases of foreign currency on the open market under the budget rule until the end of 2023, but will continue sales of 2.3 billion rubles of foreign currency per day from the National Wealth Fund, the regulator said in a statement on Wednesday.

“The Bank of Russia has decided to carry no purchases of foreign currency on the internal market in the framework of mirroring regular operations of the Finance Ministry connected to implementation of the budget rule from August 10, 2023 until the end of 2023,” the statement read.

The decision to restart purchases of the foreign currency under the budget rule on the internal market will be made taking into account the market situation, the authority said, adding that the decision to suspend purchases was made in order to curb volatility.

The central bank will also decide on a delayed amount of foreign currency purchases after it has decided to resume mirroring of the ministry’s operations in 2024 or later. At the same time, the regulator will continue selling foreign currency from the National Wealth Fund in the amount of 2.3 billion rubles per day.

(96.0755 rubles – U.S. $1)

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