The exchange rate of the dollar against the ruble during currency trading on the Moscow Stock Exchange exceeded 60 rubles for the first time since June 3, while the euro exchange rate reached 62 rubles for the first time since June 8, according to MICEX data.
The Russian ruble fell during these moments by more than 12%, down to levels of 61.8043 dollars, reaching its lowest level since last June 3, while the euro rose to levels of 62.2 rubles euros.
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The decision of the Russian Central
A little while ago, the Bank of Russia set the official exchange rate for the dollar as of July 6, 2022, at the level of 58.5118 rubles, which is 3.42 rubles higher than the previous rate.
In turn, the regulator raised the official price of the euro by 2 rubles (97.82 kopecks) – up to 60.1618 rubles.
Denial of the Russian Ministry of Finance
The Ministry of Finance reiterated that these financial surpluses in the budget should not be used to purchase foreign currencies and gold, given the suspension of some provisions of the federal budget rules related to the use of additional oil and gas revenues for 2022.
The Russian Finance Ministry said on Tuesday that the difference in oil and gas revenues actually received over the expected monthly amount and the estimated monthly base amount amounted to 138.9 billion rubles in black in June 2022.
The ministry attributes the surplus to the carry-over of the previous month’s advance payments for customs duties on gas.
The projected value of additional oil and gas revenues for the federal budget, in relation to the actual oil price exceeding the baseline level, is expected to be 259.1 billion rubles in July.
According to the ministry’s statement, the total funds from the additional oil and gas revenues amounted to 398 billion rubles, taking into account the surplus in June.
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News about the intervention
And according to the Russian news agency, the financial markets expert, Vitaly Kalugin, said about the reason for the rise in the dollar exchange rate, that he believes that the exchange rate of the US currency grew on the Moscow Stock Exchange in light of the large-scale purchase of foreign currencies inside Russia, which pushed the exchange rate to the range of 60 – 61 rubles.
Kalugin said Kalugin predicted that there was talk of intervention in the local currency market, which the Russian Central Bank had indicated earlier.
While Kaluginen sees the sharp rise in the dollar exchange rate as a temporary phenomenon, according to him, such an increase did occur last May but lasted only three days.
The intention is there
Russian Economic Development Minister Maxim Reshetnikov said that companies in Russia may decide to cut production if the current situation of the Russian currency continues for several more months.
The profitability of many industries, including export-oriented industries, has been negatively affected by the current ruble exchange rate.
Russian Finance Minister Anton Siluanov confirmed that the Ministries of Finance and Economic Development are ready to lose part of the budget funds for 2022 to achieve stability in the ruble exchange rate.
According to the Russian minister, the government is ready to implement interventions in the local currency market and allocate part of the budget funds for 2022 with the aim of stabilizing the exchange rate of the Russian currency.
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Two days ago, the Russian Finance Minister said that the relevant government committee supported the proposal of the Russian Central Bank on further liberalization of the currency float.
“Foreign currency is harmful (for the Russian economy), so the Russian Finance Ministry is ready to regulate the exchange rate of the ruble to the euro and the dollar through cross-rates of the currency of friendly countries,” Siluanov added.
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The Russian authorities consider the equilibrium exchange rate to be between 70 and 80 rubles per dollar, which is the rate that should trade at the ruble, according to the report.
Finance Minister Anton Siluanov said that the authorities are now looking for ways to solve the problem, as they are studying the possibility of buying foreign currency to stabilize the ruble exchange rate.
Russian Finance Minister Anton Silonov said his country may start buying the currencies of friendly countries, in a bid to counter sharp gains in the local ruble.
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Violent fluctuations.. coins in the abyss and dollars in the sky
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