The Bank of Russia is set to recommence its regular fiscal rule-based operations in the domestic foreign exchange market starting January 9, 2025. This comes after a temporary suspension that began on November 28, 2024. These operations are part of the ongoing efforts to manage the National Wealth Fund (NWF) resources.
The transactions for the first half of 2025 will follow a specific procedure. The daily transaction amounts will be calculated based on foreign currency purchases or sales as part of fiscal rule-based operations, which are announced monthly by the Russian Ministry of Finance. Adjustments will be made for deferred operations and investments from the previous year.
In detail, adjustments include the difference between deferred fiscal rule-based operations amounting to ₽117.6 billion and NWF resources spent outside the fiscal rule in 2024, totaling ₽1,300.0 billion. Consequently, sales worth ₽1,182.4 billion will be distributed uniformly over 2025.
Additionally, foreign currency sales linked to net NWF investments in ruble-denominated financial assets made in the second half of 2024 amount to ₽476.0 billion.
From January 9 to January 14, 2025, net sales of foreign currency will total ₽3.41 billion per day due to earlier announced purchases by the Ministry of Finance.
Following this period, from January 15 to June 30, 2025, transactions will be adjusted monthly according to fiscal rule-based operation amounts announced by the Ministry of Finance and adjusted for sales totaling ₽8.86 billion per day.
By June's end in 2025, updated information on adjustments for regular fiscal rule-based operations in the second half of that year will be released by the Bank of Russia. This update will consider data from both NWF investments in ruble assets during the first half and spending on budget deficits outside fiscal rules from 2024.