Date: 6 months ago   Category: Finance

The Ministry of Finance has explained the mechanism of implementation of the budgetary rule after refusal of the Central Bank of purchases of currency — Rambler News Service


The Federal Treasury will buy from the Central Bank currency without commission of equivalent purchases of foreign currency by the Bank of Russia in the domestic foreign exchange market, it is told in materials on the website of the Ministry of Finance. "Taking into account the decision made by the Bank of Russia not to carry out purchase of foreign currency in domestic market within realization of the mechanism of the budgetary rule, converting of the specified means until the end of September, 2018 will be carried out by purchase of foreign currency by Federal Treasury from the Bank of Russia without commission of equivalent purchases of foreign currency by the Bank of Russia in the domestic foreign exchange market", - it is said in the statement. The total volume of means which the Ministry of Finance plans to direct to purchase of currency in September will be 426,9 billion rubles. The Ministry of Finance has emphasized that the Central Bank will make the decision on renewal of purchase of foreign currency in the open market taking into account the actual situation in the financial markets which will be observed within September, 2018. The Ministry of Finance has reminded that the budgetary policy since 2017 is pursued in strict accordance with a new design of "the budgetary rules". "It promotes decrease in influence of market condition of energy carriers on internal economic conditions and provides long-term balance and stability of public finances", - have added in department. On August 23 the Central Bank has reported that until the end of September it won't buy currency in domestic market for the Ministry of Finance for decrease in volatility of the financial markets. The Ministry of Finance has noted that "in case of the increased volatility in the financial markets the Bank of Russia can involve the whole range of tools for maintenance of financial stability, including also operations on purchase/foreign currency sales in the open market". "In particular, it can be realized in the form of full or partial reduction (increase) of the volumes of operations relayed on the domestic foreign exchange market within realization of the mechanism of "the budgetary rules". From the point of view of the budgetary policy change of the volumes of operations relayed on the domestic foreign exchange market within realization of the mechanism of "the budgetary rules" doesn't lead to change of volumes of formation (use) of resources of the national welfare fund and doesn't interfere with realization of the mechanism of "the budgetary rules"", - have explained in the Ministry of Finance.

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