Reserve Fund could get 150-200 bln rubles this year - Siluanov
ST. PETERSBURG. June 19 (Interfax) - There could be 150-200 billion rubles put into Russia's Reserve Fund in 2013, Finance Minister Anton Siluanov told the press in St. Petersburg on Wednesday.
"The amount of resources anticipated for transfer to the Reserve Fund at the beginning of next year is 516 billion rubles. Considering the possibility of replacing with these funds unreceived revenues from privatization, the amount could go down to 150-200 billion rubles," Siluanov said when asked about possible amounts of currency purchases on the market for the Fund.
Describing the new procedure for buying currency for the Fund, Siluanov said the Central Bank of Russia will in the interests of the Finance Ministry be entering the currency market with some oil and gas revenues that are to be transferred to the Reserve Fund, acquiring currency, and turning it over to the Federal Treasury for subsequent transfer.
"Thereby, there will not be a sterilizing effect on the one hand and there will be more liquidity in the economy on the other," the minister said.
Siluanov noted that oil and gas revenues destined to be transferred to the Fund are accumulating in budget accounts during the year, and at the beginning of next year they will be transferred to Central Bank accounts for replenishing the Fund. "Having received ruble funds from the budget, the Central Bank considers them as resources for Reserve Fund replenishment, not buying currency on the market. That is, the sterilization of ruble liquidity, which today is not needed, is actually taking place.
Yesterday, Deputy Finance Minister Alexei Moiseyev said that the Finance Ministry plans a uniform entry onto the market with currency purchases for the Reserve Fund in accordance with forecasts for the transfer of oil and gas revenues to the Fund in 2013, split into the number of operational days remaining until the end of the year. That is how the maximum amount of daily purchases will be determined. The initial time for this new system for the purchase of forex for the Reserve Fund will be a trial period and there will be placed 10%-15% of the maximum amount, he said.