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MOSCOW, December 28 After the New Year holidays, the Central Bank will begin operations in the domestic foreign exchange market using funds from the National Welfare Fund, the regulator’s press service reported.
“From January 9, 2024, the Bank of Russia, in accordance with the previously announced procedure, will begin conducting operations on the domestic foreign exchange market related to the replenishment and use of funds from the National Welfare Fund,” says the press release.
The Central Bank in the first half of the year will add to the volumes of foreign exchange transactions announced by the Ministry of Finance the sale of foreign currency by 11.8 billion rubles per day.
At the end of the first half of the year, the Central Bank will publish data on the volume of adjustments to regular operations within the framework of the budget rule for the second half of the year, taking into account the information from the Ministry of Finance on the volume of net investment of the National Welfare Fund in permitted assets in rubles for the first half of the year.
On the news of the resumption of the sale of currency by the Central Bank, the dollar exchange rate on the Moscow Exchange dropped below 90 rubles.
Bank of Russia from 10 August and until the end of 2023, decided not to buy foreign currency within the framework of the budget rule, but at the same time continue to carry out operations related to the National Welfare Fund for the sale of foreign currency for 2.3 billion rubles per day.
At the end of November, the regulator announced the resumption of operations .