The Russian authorities are in a hurry to weaken the ruble on the Moscow Exchange, because the federal budget suffers due to its strengthening. To this end, in the fall, they can begin the purchase of foreign currency, in particular, the yuan, the Russian media reports.
with the current course of about 60 rubles per dollar, the country’s budget suffers greatly, because in fact it receives less money when converting the currency. Some spheres of production have become unprofitable.
The Ministry of Finance can use the budget rule, within which the agency will store in the currency all the overcome of the budget from the sale of oil more than $ 60 per barrel. In addition, the forecast oil production will be taken into account – 9.5 million barrels per day, which is 12% lower than the current.
Raiffeisenbank analysts claim that this will allow you to send 3.5-4.2 trillion rubles of annual budgets, or 300-350 billion rubles a month, evaluate analysts.
In the current situation, the only currency that Russia can purchase is Chinese Yuan. Operations with euros, dollars and other common currencies are prohibited by sanctions.
media sources claim that the decision on the beginning of the currency intervention will be made by Russian President Vladimir Putin.