The Ministry of Finance and the Central Bank resume interventions in the foreign exchange market as part of the budget rule, in January they will sell yuan for 54.5 billion rubles

MOSCOW, Jan 11 (Reuters) – The Russian Finance Ministry and the Central Bank have announced the resumption of intervention in the foreign exchange market as part of the budget rule, planning to sell the currency for 54.5 billion rubles in January, as the budget will not receive oil and gas revenues.

Operations will be carried out in the currency section of the Moscow Exchange in the instrument “Chinese yuan – ruble” with a settlement term “tomorrow”.

The Ministry of Finance expects that in January the volume of lost oil and gas revenues will amount to 54.5 billion rubles, so it will use this amount to sell yuan.

Operations will be carried out from January 13 to February 6, 2023. Accordingly, the daily volume of foreign currency sales will amount to the equivalent of 3.2 billion rubles.

The Central Bank announced that it would evenly carry out currency purchase and sale operations during each trading day of the month in order to minimize their impact on the exchange rate dynamics.

The ruble accelerated growth after the announcement of the sale of foreign currency under the budget rule, rose in price against the yuan by 2.2%. (Daria Korsunskaya)

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