FX market operations for NWF resources set for H2 2026
The Bank of Russia has outlined its foreign exchange market operations for the National Wealth Fund's resources from July 1 to December 31, 2026. Daily transaction values will be adjusted based on the Ministry of Finance's fiscal rule-based purchases and sales.
Daily adjustments for NWF resources
In H2 2026, the Bank of Russia will calculate daily transaction values based on the Russian Ministry of Finance's regular fiscal rule-based foreign currency purchases and sales.
These amounts will be adjusted for net investment from the NWF in eligible ruble financial assets, which totalled ₽74.8 billion in H1 2026.
This translates to a daily foreign currency sale adjustment of ₽0.58 billion throughout H2 2026.
For the period from July 1 to July 6, 2026, the Bank of Russia's foreign currency purchases will amount to ₽9.34 billion per day, reflecting the Ministry of Finance's announced purchases of ₽9.91 billion per day for June 5 to July 6, 2026, minus the daily adjustment.
Fiscal rule framework and future outlook
The Bank of Russia conducts these domestic foreign exchange market transactions to manage the National Wealth Fund's assets, incorporating all operations from H1 2026.
This aligns with the previously announced procedure for replenishing and utilizing NWF resources.
Notably, in 2025, the Ministry of Finance did not use NWF resources to cover the budget deficit outside the established fiscal rule framework.
The central bank plans to publish further information at the end of December 2026 regarding the adjustment of 2027 H1 fiscal rule-based operations, incorporating the Ministry of Finance's data on H2 2026 net investment from the NWF in ruble financial assets.
Transparency in volatile times
This regular disclosure provides crucial transparency for market participants navigating Russia's foreign exchange market.
The detailed adjustments underscore the central bank's commitment to a predictable framework, even as it manages significant fund flows.
While technical, these updates are vital for understanding the underlying dynamics of ruble liquidity and government financing.