The Central Bank returns to mirroring regular russia telegram data operations from the National Welfare Fund in January under the budget rule. Will the Bank of Russia remain a net seller of currency or will it perhaps also be a net buyer?
— Whether we will be a net seller or a net buyer depends largely on the oil price. If the oil price remains at the current level, we will be a net seller of currency. If the oil price is $88–90 per barrel of Brent, we can move to the status of a currency buyer. In January, we will sell currency. Literally in the near future, we will announce what sales will be in January.
— Do you think it is necessary to extend
the presidential decree on the repatriation of foreign currency earnings, which expires in April 2024? You have always advocated that such decisions should be temporary.
Adhere to the position that it should be temporary
We are now really seeing an increase in currency sales by exporters. In November, net currency sales by exporters may even approach 100% of revenue. But there are several factors here. First, it was mainly exporters who sold currency, including against the backdrop of high oil prices that were in previous months. There are also lags there — from from here in your room high oil prices to the arrival of export revenue and its sale. And it was precisely the currency that was sold due to high oil prices. There were one-off factors related to the conversion of currency to pay dividends. Plus, we see that some exporters, due to the high interest rate on ruble loans — our america email monetary policy also works here — began to take out currency loans and then sell the currency to pay their ruble expenses. And, of course, the decree had some influence. But it is probably impossible to isolate the effect of each factor now.