Russia's central bank said on Monday that it would cut foreign currency sales to 0.58 billion roubles ($7.37 million) a day in the second half of 2026 from 4.62 billion roubles in the first half of the year, withdrawing some support for the rouble.
The central bank's operations, which account for up to one-tenth of Russia's overall forex market, consist of its own transactions and separate interventions it carries out for the fiscal reserve National Wealth Fund on the finance ministry’s behalf.
The finance ministry is currently buying foreign currency for the fund in line with the so-called "budget rule", which stipulates that the forex-denominated reserve fund should be replenished when oil prices are high.
Russia is keen to strengthen its fiscal position during what has been a period of higher oil prices, which Russian officials have said is unlikely to last.
The central bank also said that, combined with the finance ministry's operations, it will carry out purchases of foreign currency amounting to 9.34 billion roubles per day between July 1 and 6, compared with 5.28 billion now. The finance ministry will announce the new volume of its operations on July 3.
The rouble lost 8% against the U.S. dollar last week amid falling global oil prices, Russia's main export commodity. The rouble is seen as overvalued by many analysts, and many businesspeople argue that the authorities should allow it to weaken, which would help increase revenues for exporting companies and the state budget.
($1 = 78.5000 roubles)