Since January 9, 2024, the Bank of Russia has adhered to a previously announced procedure for conducting transactions in the domestic foreign exchange (FX) market related to replenishing and using the funds of the National Wealth Fund (NWF). This includes all transactions carried out with such funds in 2023. Consequently, the Bank of Russia reports the amounts of transactions performed in the domestic FX market from July 1 to December 28, 2024.
The daily amount of transactions in the second half of 2024 will be calculated based on the amounts of purchase or sale of foreign currency as part of regular fiscal rule-based transactions. These amounts are announced by the Russian Ministry of Finance on the third business day of each month. The amounts will be adjusted by the net value derived from:
- The difference between the amount of regular fiscal rule-based transactions deferred from August 10 until December 31, 2023 (₽1,529 billion), and
- The amount of NWF funds spent to finance the budget deficit outside the fiscal rule for 2023 (₽2,900 billion).
This specified amount assumes sales worth ₽1,371 billion (₽5.53 billion/day, given uniform distribution over entire 2024).
Additionally, foreign currency sales as part of net NWF investment in ruble-denominated eligible financial assets made in H1 2024 amounted to ₽376 billion (₽2.87 billion/day, given uniform distribution over entire H2 2024).
Thus, during H2 2024 (from July 1 to December 28), the Bank of Russia will buy or sell foreign currency based on fiscal rule-based transaction amounts announced by Russia’s Ministry of Finance adjusted for an amount totaling ₽8.40 billion/day.
At the end of December 2024, the Bank of Russia will publish information on adjustments for regular fiscal rule-based transactions in H1 2025. This will take into account data from Russia’s Ministry of Finance on net NWF investment in ruble-denominated eligible assets in H2 2024 and NWF funds spent on financing the federal budget deficit outside fiscal rules for 2024.