The Finance record will weaken the ruble

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Photo: Natalia Seliverstova / RIA Novosti

The Ministry of Finance the direct purchase of foreign exchange from 8 November to 6 December, a record amount 525,8 billion rubles, said on the Agency’s website.

It is noted that the amount of additional oil and gas revenues in November is expected to reach 513,8 billion. Another 12 billion rubles — the difference between the actually obtained and the expected revenues in October. The Finance Ministry will buy foreign currency every day from 8 November to 6 December in the amount of 25 billion rubles.

Thus, the Department has set a new record for volume of purchase of foreign currency in the framework of fiscal rules — in October this indicator was equal to 475 billion rubles. In September, the Ministry of Finance purchased currency on 426,9 billion.

The procurement of currency deals with the Bank. He purchases it on the open market, usually at the currency section of the Moscow exchange. However, in September the regulator has refused from such operations up to the end of the year because of too strong jumps of the ruble — purchase of foreign currency creates a demand for it, and further weakens the ruble. Instead, the Central Bank will provide foreign currency from its reserves.

Video, photo All from Russia.

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