The Ministry of Finance from October 7 will increase the purchase of currency and gold five times

The Ministry of Finance of Russia from October 7 to November 6 intends to buy foreign currency and gold under the budget rule for 279.42 billion rubles. This is five times more than the volume planned a month earlier (55.6 billion rubles). The daily volume of purchase will be 12.7 billion rubles, the press service of the Ministry reported.

According to the Ministry of Finance, expectations for the volume of additional oil and gas revenues of the budget in October reach 289.46 billion rubles. The total deviation of actually received oil and gas revenues from the expected monthly volume and estimates for September amounted to -10.04 billion rubles.

The budget rule allows redistribution of revenues from oil and gas exports. All revenues exceeding the set cut-off price for oil at $59 per barrel are directed to the purchase of currency and gold in the National Welfare Fund (NWF). If the actual price of oil is lower than the cut-off price, then the Ministry of Finance, on the contrary, sells currency and gold from the NWF.