The Bank of Russia's commentary on additional FX market operations under the fiscal rule from 1 October to 30 December 2020
In line with the previously announced approach, apart from regular fiscal rule-based operations, the Bank of Russia will conduct additional operations to sell foreign currency in the domestic market from 1 October to 30 December 2020.
These additional operations are the result of offsetting the foreign currency sales related to the Sberbank deal, the fiscal rule-based foreign currency purchases suspended in 2018 and in March—April 2020, and the proactive foreign currency sales carried out under the fiscal rule in March—April. The total net amount of foreign currency in the equivalent to 185.4 billion rubles will be gradually sold in the domestic FX market. Taking into account the number of trading days in 2020 Q4, the volume of additional foreign currency sales in October—December will equal 2.90 billion rubles per day. Given the amount of these extra operations and the fact that they will be conducted uniformly, they will not have any significant impact on the situation in the domestic FX market.
Calculation of the ruble equivalent of foreign currency sales to be conducted in October—December 2020 in addition to standard fiscal rule-based operations, billions of rubles
| Foreign currency received as a result of the sale of Sberbank shares | 2,139.4 |
| Proactive foreign currency sales conducted in March—May 2020 and foreign currency sales related to the Sberbank deal | -504.2 |
| Balance of fiscal rule-based foreign currency purchases suspended in 2018 | -1323.8 |
| Fiscal rule-based foreign currency purchases suspended in March—April 2020 | -126.0 |
| Balance to be sold in October—December 2020 | 185.4 |