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RUSSIA: CBR Plan to Increase Net Sales of Yuan in August

RUSSIA
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  • Russia's federal budget collected RUB 1.1trln in oil and gas revenues in July, 45% more than in June, Kommersant report. The growth was due to higher prices for Russian crude and collection of the excess profit tax. However, the newspaper add that additional revenues were lower than the expected in July, so the Finance Ministry’s purchases of forex for reserves will be cut to RUB 1.1bn per day, the lowest since January.
  • The CBR will increase net sales of the Chinese yuan in August, Vedomosti report, as the Finance Ministry plans to slash daily yuan and gold purchases under the fiscal rule by almost 80% - to RUB 1.12bn from August 7 to September 5 from RUB 5.4bn a month earlier.
  • According to Vedomosti, the Moscow Exchange Index fell to a one-year low before closing down 2.42% at 2828.72 yesterday. It added that analysts are divided on whether this is a short-term drop or beginning of a deeper crisis.
  • Electricity prices in southern Russia jumped by about 50% y/y in July, reaching a record high of RUB 2600 per 1 MWh, Kommersant report. A 15% increase in electricity consumption due to the heat wave and accidents and repairs at thermal power plants led to the increase.
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  • Russia's federal budget collected RUB 1.1trln in oil and gas revenues in July, 45% more than in June, Kommersant report. The growth was due to higher prices for Russian crude and collection of the excess profit tax. However, the newspaper add that additional revenues were lower than the expected in July, so the Finance Ministry’s purchases of forex for reserves will be cut to RUB 1.1bn per day, the lowest since January.
  • The CBR will increase net sales of the Chinese yuan in August, Vedomosti report, as the Finance Ministry plans to slash daily yuan and gold purchases under the fiscal rule by almost 80% - to RUB 1.12bn from August 7 to September 5 from RUB 5.4bn a month earlier.
  • According to Vedomosti, the Moscow Exchange Index fell to a one-year low before closing down 2.42% at 2828.72 yesterday. It added that analysts are divided on whether this is a short-term drop or beginning of a deeper crisis.
  • Electricity prices in southern Russia jumped by about 50% y/y in July, reaching a record high of RUB 2600 per 1 MWh, Kommersant report. A 15% increase in electricity consumption due to the heat wave and accidents and repairs at thermal power plants led to the increase.