Finance ministry adjusts formula for foreign currency purchases

MOSCOW, Dec 15 (PRIME) -- Russia’s Finance Ministry has adjusted the formula for calculation of the amount of foreign currency purchases from the market, and the new formula will come in force in January 2018, the ministry said in a statement on Friday.

The amount of purchases will be based on an estimate of additional or unreceived energy budget revenue for the current month; a difference between the actual energy revenue for the previous month and a forecasted energy revenue for the month; and a difference between the baseline forecast of energy revenue for the previous month and the baseline energy revenue for the month.

The mechanism will allow the ministry to reduce the “procyclitality” of purchases against trans-border flows of speculative capital, which will create predictable and consistent macroeconomic environment, the ministry said.

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