Russia's finance ministry to raise FX and gold purchases fivefold from Oct 7
In short
Russia's finance ministry said it will increase the country's purchases of foreign currency and gold to five times the September level between October 7 and November 6. It allocated 279.42 billion rubles for the purchases, or about 12.7 billion rubles a day. The ministry said the purchases follow the budget rule and are intended to channel additional oil and gas revenue into the National Wealth Fund.
Why it matters
The size of the operation links Russia's oil and gas revenue to state fund inflows, a fiscal mechanism Chinese business and official outlets treated as a routine data announcement rather than a market event. Because the figures come from the finance ministry and were carried by state media, the reports give a concrete measure of Russian budget policy but no outside assessment of its effect.
Key facts
- Russia's finance ministry said purchases of foreign currency and gold will rise to five times the September level. [ 1 , 3 , 4 ]
- The purchases are set for October 7 to November 6. [ 1 , 3 , 4 ]
- The ministry allocated 279.42 billion rubles for the purchases. [ 1 , 3 , 4 ]
- Daily purchases will be about 12.7 billion rubles. [ 1 , 3 , 4 ]
- The ministry said the operation follows the budget rule and aims to place additional oil and gas revenue into the National Wealth Fund. [ 1 , 3 , 4 ]
- The announcement was dated October 5 local time. [ 1 , 3 , 4 ]
Confirmed by several sources
- Purchases of foreign currency and gold will increase to five times the September volume from October 7 to November 6, funded with 279.42 billion rubles, about 12.7 billion rubles a day. [ 1 , 3 , 4 ]
- The finance ministry said the purchases are made under the budget rule and are intended to add extra oil and gas revenue to the National Wealth Fund. [ 1 , 3 , 4 ]
Still unclear
- Which currencies the ministry will buy, and how the purchases are split between foreign currency and gold. The documents give only a combined figure and do not break it down.
- Where the announcement was made. The documents refer to local time but name no city or venue.
- Whether the purchases have any stated start-of-day schedule or counterparties. Only the total period, the total amount and the daily average are given.
What local media are saying
Timeline, local time
- CLS reports the finance ministry will raise foreign currency and gold purchases to five times the September level from October 7 to November 6, allocating 279.42 billion rubles. [ 1 ]
- Yicai publishes the same headline. [ 2 ]
- Jiemian repeats the figures, citing CCTV News. [ 3 ]
- China News Service carries the announcement with a CCTV reporter byline. [ 4 ]