The Central Bank of the Russian Federation (CB) estimated the sale of foreign currency from the National Welfare Fund (NWF) for investment projects at 600 billion rubles a year in 2024-2026.
Such a forecast is contained in the draft “Main Directions of the Unified State Monetary Policy for 2024 and the period of 2025 and 2026”, which was published on August 11. Izvestia got acquainted with the document.
In the document, the regulator recalled that since August 2023, “it has returned to the practice of mirroring operations for investing NWF funds in rubles, selling foreign currency.” As noted in the project, in 2023 the volume of sales under this mechanism will amount to 0.25 trillion rubles.
“According to the Bank of Russia, in 2024–2026, foreign currency sales under this mechanism can amount to up to 0.6 trillion rubles annually. These operations will have an additional impact on the parameters of the balance of payments and the liquidity of the banking sector,” the document emphasizes.