25 Mar 2020 14:06

CBR to close Sberbank sale in early April, completing exchange of forex from NWF into rubles

MOSCOW. March 25 (Interfax) - The Central Bank of Russia (CBR) will complete the conversion of forex from the National Wealth Fund (NWF) into rubles as part of the deal for purchase of the CBR's stake in Sberbank by the government in early April, CBR First Deputy Governor Sergei Shvetsov told reporters.

"Conversion will conclude. There are two processes. One process is the purchase of rubles by the NWF from the Central Bank, and this process is underway on a daily basis, and we will finish it up in the near future. We are likely to finish it somewhere in early April, and the deal will be closed," he said.

"We are planning for the deal to be closed in early April," Shvetsov said.

The second process is associated with the sale by the CBR on the market of forex received from the NWF, which will continue, he said.

"The second issue, which is completely independent from this [from the conversion of forex from the NWF into rubles], it is very important that people not think we are not just mirroring all of this as it is. This is the sale of forex that we have bought from the MinFin on the open market. We are selling it as a diversion of revenue for Russia due to the deviation of the Urals price from $25. These operations will continue, depending on the deviations. We will announce closer to the date what we will do with the unused residuals," Shvetsov said.