OREANDA-NEWS The Bank of Russia resumed the purchase of currency for the Ministry of Finance and 15 January spent for this purpose 15.6 billion rubles after the suspension of operations at the end of August 2018. This is evidenced by the data posted on the website of the regulator.

Earlier it was reported that the Bank of Russia will resume on January, 15 purchases of currency for the Ministry of Finance, and until February 6, 265.8 billion rubles will be allocated for these purposes. The daily volume of purchases of foreign currency will be equivalent to 15.6 billion rubles.

The Central Bank on August 23, 2018 decided to suspend currency purchases for the Ministry of Finance for the period until the end of September, then on September 14, the regulator announced the suspension of currency purchases until the end of 2018. The decision was made in order to increase the predictability of the monetary authorities and reduce the volatility of financial markets. In August 2018, according to the Central Bank, the increased volatility of the ruble exchange rate was a natural reaction of the financial market to the news of new potential sanctions against the backdrop of changes in global financial markets.

The main pressure on the shares of Russian companies and the ruble in August 2018 was exerted by reports of new us sanctions against Russia due to its alleged involvement in the poisoning of March 4, ex-Colonel GRU Sergey Skripal and his daughter Julia in Salisbury. The US authorities intend to take a decision on the introduction of a second package of sanctions against Moscow, depending on whether it will fulfill a number of conditions put forward to it. Russia has repeatedly categorically rejected statements about its involvement in the incident with the Violins.

The Ministry of Finance conducts operations for the purchase of currency under the budget rule. According to this mechanism, additional revenues from higher than budgeted oil prices (above $40 per barrel) are allocated for the purchase of foreign currency. For reserves, dollars, euros and pounds are purchased. Agent appointed by the Central Bank, which transfers currency to the accounts of the Federal Treasury.

Until 2018, the Ministry of Finance purchased foreign currency on the basis of the forecast of the ruble in the budget, and the ruble price of oil. Since January 1, 2018, the Ministry of Finance has moved to a new formula - now the volume of operations depends on the actual current, not the forecast exchange rate of the ruble for the previous month.