on the Eve of quotation Brent for the first time in 18 years fell below $ 20 per barrel, the exchange rate on the Moscow stock exchange fell below 77 rubles to the dollar, reinforced the intervention of the Bank of Russia kept him from a deeper fall.
In the past week, the Bank of Russia increased its currency intervention from 12.9% to 14.8 billion rubles a day.
They are made up of two transaction types: standard, when the Bank of Russia will compensate for lost budget revenues from oil revenues (provided that the prices are lower by 42.4 per barrel), and extra, in which the Bank of Russia sells currency in proportion to the reduction in the price of a barrel of Russian grade Urals oil to below $ 25 dollars. The last operation used to convert funds from the national welfare Fund as part of the transaction for the transfer of control of the savings Bank from the Bank of Russia government (of the Central Bank then has to transfer the bulk of the profits from the transaction to the Federal budget).
According to Argus, the price of Urals has fallen to $ 12, consequently, the volume of interventions of the Bank of Russia will further increase.
