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In 2018 the Treasury Intends to Implement Direct Purchases Of Foreign Currency
June 22, 2017 17:13


In 2017 the Federal Treasury of Russia plans to purchase the currency in the amount of two - three billion US dollars for the current budget needs. The monthly volume of purchases of currency will be $ 200-300 million. According to RIA Novosti it was reported by the Head of the Treasury, Roman Artyukhin.

According to him, this March the Treasury has purchased about 500 million US dollars for budgetary needs. The volume of operations is insignificant for the market; therefore, these operations do not influence the ruble exchange rate. The official also said that in 2018 the Treasury intends to implement direct purchases of foreign currency without the participation of the Central Bank. For this purpose, the department plans to prepare and submit these amendments to the State Duma during the autumn session. "We have prepared a package of amendments to the laws. Not all of our amendments have been discussed, because this will require major changes, including the law on insider and getting a new status. We are discussing these amendments together with the Ministry of Finance and the Central Bank", he said.

The Head of the Treasury explained that it was a question of buying currencies for the current needs of the budget, and operations to replenish the Reserve Fund.


Author: Anna Dorozhkina


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