Central bank to sell currency from National Wealth Fund for 3 yrs

MOSCOW, Nov 2 (PRIME) -- The central bank will continue selling foreign currency in the framework of placement of the National Wealth Fund’s money into the Russian economy for the next three years with the sales reaching up to 600 billion rubles per year, the regulator said on Thursday in the main directions of the state monetary policy in 2024–2026.

The Finance Ministry also started selling currency in the framework of the National Wealth Fund money placement on August 1. The sales of the Chinese yuan were planned at 288.4 billion rubles in the period of August 1–January 31, 2024, or 2.3 billion rubles per day.

In its document, the central bank said that the sales in the framework of the mechanism have reached 250 billion rubles in 2023.

“Estimates of the Bank of Russia show that the sales of foreign currency in the framework of the mechanism may reach up to 0.6 trillion rubles per year in 2024–2026,” the regulator said.

The Finance Ministry also planned to buy 398.72 billion rubles of foreign currency, or 18.12 billion rubles every day, under the budget rule from October 6 through November 7, but the central bank stopped foreign currency operations under the budget rule from August 10 until the end of the year because of the ruble’s fall.

(93.2801 rubles – U.S. $1)

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