According to forecasts, in the next three years, buying up currency on the Moscow Exchange will become one of the largest “national projects” in Russia based on budget expenditures.
Until 2020-22, the Ministry of Finance laid down foreign exchange interventions in the amount of 6.6 trillion rubles in the treasury project.
Next 2020, a basket of dollars, euros and pounds will be invested 11.5% of the budget, or 2.333 trillion rubles. This is the difference between total and “basic” oil and gas revenues – that is, the amount that the budget receives from oil more than the “cut-off price” of the budget rule ($ 42.4 per barrel for 2020).
Given the budgeted ruble exchange rate (65.4 per dollar), the Ministry of Finance will be able to buy $ 35.5 billion per year. Investments in foreign currency will exceed the costs of all national projects combined (1.999 trillion rubles).
In 2021, the volume of interventions will amount to 2.235 trillion rubles, or $ 33.8 billion (at a ruble exchange rate of 66.1 per dollar).
In 2022, the Ministry of Finance plans to buy currencies worth 2.035 trillion rubles. In terms of dollars at the budget rate (66.5 rubles), this will be $ 30.6 billion.
In total, over three years the currency capsule of the government, where 124 billion dollars had already been accumulated on August 1, will be replenished by almost 100 billion more.