Starting from 9 January 2024, in accordance with the earlier announced procedure, the Bank of Russia will launch operations in the domestic foreign exchange market aimed at replenishing and using the resources of the National Wealth Fund (the NWF), including all operations with NWF money conducted in 2023.

In 2024, the daily volume of operations will be determined on the basis of regular fiscal rule-based operations¹ to buy/ sell foreign currency as announced by Russia’s Ministry of Finance on the third business day of each month. The volume of specified operations will be adjusted for the balance of the following values:

• The difference between the amount of regular fiscal rule-based operations (₽1,529 billion) deferred from 10 August until 31 December 2023 and the amount of NWF resources spent in 2023 to finance the federal budget deficit outside the fiscal rule (₽2,900 billion). The specified amount assumes sales worth ₽1,371 billion (₽5.53 billion/day, given the uniform distribution of the total amount over entire 2024);
• 
  
• Foreign currency sales as part of net NWF investment (i.e. taking into account the return of the previously made investment) in ruble-denominated eligible financial assets made over the period from 2023 H2 to 2024 H1. As of the end of 2023 H2, the amount of net NWF investment stood at ₽731 billion (₽6.24 billion/day, given the uniform distribution of the total amount over 2024 H1);
• 
  

Thus, during 2024 H1 (from 9 January to 28 June), the Bank of Russia will buy/ sell foreign currency based on the amount of fiscal rule-based operations announced by Russia's Ministry of Finance adjusted for the amount to be sold totalling ₽11.8 billion/day. Additionally, in January 2024, the Bank of Russia will also terminate operations to sell foreign currency as part of the mirroring of net NWF investment in ruble-denominated eligible financial assets in 2023 H1 (₽0.8 billion/day).

At the end of June 2024, the Bank of Russia will publish information on the amount of the adjustment of regular fiscal rule-based operations in 2024 H2 taking into account the data of Russia’s Ministry of Finance on net NWF investment in ruble-denominated eligible assets in 2024 H1.

¹ From 9 to 12 January 2024, as announced by Russia’s Ministry of Finance, the daily amount of fiscal rule-based purchases of foreign currency will total ₽11.7 billion. Over this period, the Bank of Russia will adjust this amount for daily fiscal rule-based foreign currency purchases deferred from August—December 2023, sales as part of using NWF resources to finance the federal budget deficit outside the fiscal rule and net NWF investment in 2023 H2, and also sales as part of net NWF investment in 2023 H1. The final daily amount of sales from 9 to 12 January will total ₽0.9 billion.