The Bank of Russia has outlined its strategy for transactions in the domestic foreign exchange market concerning the National Wealth Fund (NWF) resources for the second half of 2025. This follows their previously announced procedures and includes all transactions with NWF money performed in 2024 and the first half of 2025.
For the period from July 1 to December 30, 2025, the daily transaction amounts will be calculated based on foreign currency purchases or sales as part of regular fiscal rule-based transactions. These are announced by the Russian Ministry of Finance on the third business day of each month. The calculations will also adjust for:
- The difference between deferred fiscal rule-based transactions from November 28 to December 31, 2024, amounting to ₽117.6 billion, and NWF resources used to finance budget deficits beyond the fiscal rule for 2024, totaling ₽1,300.0 billion. This results in assumed sales worth ₽1,182.4 billion or approximately ₽4.79 billion per day when evenly distributed over 2025.
- Foreign currency sales as part of NWF's net investment in eligible ruble-denominated financial assets during the first half of 2025 amounted to ₽539.3 billion or about ₽4.15 billion per day when evenly distributed over the second half of 2025.
From July 1 to December 30, the Bank will conduct foreign currency transactions based on these adjusted figures at a rate of approximately ₽8.94 billion per day.
Considering foreign currency purchases as part of fiscal rule-based transactions announced by the Ministry for June 6 to July 4 amounting to ₽1.49 billion per day, net sales will occur at a rate of about ₽7.45 billion per day from July 1 to July 4.
By late December, further information regarding adjustments for regular fiscal rule-based transactions for early next year will be published by taking into account data from the Ministry on NWF’s investments in ruble-denominated assets during this period.