Currency operations under fiscal rule may resume before July - Russian finance minister

MOSCOW. April 16 (Interfax) - The Russian government is considering the possibility of a faster resumption of operations on the currency market as part of the fiscal rule, which were suspended until July 1, Finance Minister Anton Siluanov said.

"In March, we would have had to sell currency from reserves [if operations had been carried out], and in April we understand that we will already have to buy, and the level of March sales and April [purchases], in our estimation, will be the same," Siluanov said at the plenary session of the Moscow Exchange Forum.

"The question is the following - you [the session moderator Sergei Shvetsov] said that perhaps [we need] to change the decision to suspend participation in the currency market earlier? You know, the government is considering this, because here we need to weigh all the factors. On the one hand, we must give the market an understanding that we are guided by certain principles of participation in the currency market and, in principle, of determining our decisions whether to participate or not. On the other hand, we also must be more flexible in connection with the changing situation," he said.

"Therefore, the government will consider this issue, I think that this discussion could be resumed, and I think the government will decide on this in the near future," he said.

Overall, Siluanov noted that the fiscal rule smooths out currency fluctuations in the market on the one hand, and on the other hand it determines the maximum spending limit that is included in budget projections.

"No one is going to abandon the fiscal rule; on the contrary, we see the need to adjust it in terms of a more stringent approach to determining the base price," he said.