Bank of Russia commentary on 2025 H2 transactions with NWF resources in domestic FX market
The Bank of Russia has been following the previously announced procedure for conducting transactions in the domestic FX market to replenish and use the resources of the National Wealth Fund (NWF), including all transactions with NWF money performed in 2024 and 2025 H1. In this regard, the Bank of Russia announces the amounts of transactions to be conducted in the domestic FX market from 1 July to 30 December 2025.
In 2025 H2, the daily amount of transactions will be calculated based on the amounts of foreign currency purchases or sales as part of regular fiscal rule-based transactions, as announced by the Russian Ministry of Finance on the third business day of each month, adjusted by the net value of:
– The difference between the amount of regular fiscal rule-based transactions deferred from 28 November until 31 December 2024 (₽117.6 billion) and the amount of NWF resources spent to finance the budget deficit beyond the fiscal rule for 2024 (₽1,300.0 billion). The specified amount assumes sales worth ₽1,182.4 billion (₽4.79 billion/day, considering an even distribution of the total amount over 2025).
— Foreign currency sales as part of the NWF’s net investment in eligible ruble-denominated financial assets in 2025 H1 in the amount of ₽539.3 billion (₽4.15 billion/day, considering an even distribution of the total amount over 2025 H2).
From 1 July to 30 December 2025, the Bank of Russia will buy or sell foreign currency based on the amount of regular fiscal rule-based transactions, as announced monthly by the Russian Ministry of Finance, adjusted for the sales amount of ₽8.94 billion/day.
Taking into account the amount of foreign currency purchases as part of fiscal rule-based transactions announced by the Russian Ministry of Finance for the period from 6 June 2025 to 4 July 2025 (₽1.49 billion/day), the Bank of Russia will conduct net sales of foreign currency in the amount of ₽7.45 billion/day from 1 July to 4 July 2025.
At the end of December 2025, the Bank of Russia will publish information on the amount of the adjustment of regular fiscal rule-based transactions for 2026 H1, taking into account the data of the Russian Ministry of Finance on the NWF’s net investment in eligible ruble-denominated financial assets in 2025 H2.