Bank of Russia’s commentary on 2026 H2 transactions with NWF resources in domestic FX market
In accordance with the procedure announced earlier, the Bank of Russia conducts transactions in the domestic foreign exchange (FX) market intended to replenish and use assets of the National Wealth Fund (NWF), including taking into account all the operations with the NWF’s resources conducted in 2026 H1. In view of this, the Bank of Russia releases its commentary on the amounts of transactions in the domestic FX market from 1 July through 31 December 2026.
In 2026 H2, the Bank of Russia will determine the daily value of transactions depending on the amounts of regular fiscal rule-based foreign currency purchases and sales announced by the Russian Ministry of Finance on the third business day of each month, adjusted for foreign currency sales in the amount of net investment from the NWF in eligible financial assets in rubles in 2026 H1 totalling ₽74.8 billion (assuming a uniform distribution throughout 2026 H2 – ₽0.58 billion per day).
In 2025, the Ministry of Finance did not use the NWF’s resources as part of operations to cover the budget deficit beyond the framework of the fiscal rule.
Since fiscal rule-based foreign currency purchases announced by the Ministry of Finance for the period from 5 June to 6 July 2026 will amount to ₽9.91 billion per day, foreign currency purchases by the Bank of Russia from 1 to 6 July 2026 will total ₽9.34 billion per day.
At the end of December 2026, the Bank of Russia will publish information on the amount of the adjustment of regular fiscal rule-based operations for 2027 H1, taking into account the Ministry of Finance’s data on net investment from the NWF in eligible financial assets in rubles over 2026 H2.