Russia resumed operation with the yuan
January 13, 2023 15:13
The Russian authorities announced the cessation of operations with the Chinese yuan in the foreign trade market as part of the restart of the fiscal rule.
Photo: freepik.com
The budget rule, which worked in opposite years, meant that the Central Bank and the Ministry of Finance bought the currency at high incomes from the sale of oil and gas, and also sold it at a decrease. However, despite the fact that trade will be carried out in Chinese, RIAMO.
“Operations will be carried out from January 13, 2023 to February 6, 2023, respectively, the daily volume of foreign currency sales is the equivalent of 3.2 billion rubles,” the Ministry of Finance noted.
The essence of the budget rule is calculated if the profit from the sale of oil and gas exceeds 8 trillion rubles, which are included in the 2023 budget in order to reduce the consumption of the yuan, said Alexander Tsyganov, director of the investment and corporate business department at Tsifra Broker.
Recall, experts said that the return of the Central Bank of the Russian Federation to currency transactions under the new budget rule will strengthen the Russian national currency. The American currency will cost 67-69 rubles.