The Central Bank did not want to spend the funds of the Sovereign National Welfare Fund (FNB), which is considered to be the main Russian Kubashka, for salaries to citizens. Such a position expressed the first deputy chairman of the regulator Sergey Shvetsov, whom TASS quotes.
“Temporarily – yes, we can open the” Cube “, we can” pass “our reserves for three years, but is it reasonable policy?” – noted Shvetsov.
According to him, the FNB, filled at the expense of oil and gas supplements within the budget rule, performs an important function to ensure macroeconomic stability.
Also Shvetsov noted that in the absence of the FNB, the Russian economy will be fully dependent on oil prices. The mechanism of the budget rule, which consists in buying foreign currency on oil and gas supplements to replenish the FNB, prevents excessive strengthening of the ruble exchange rate. In case of insufficient compared to the plan, the volume of revenues to the fund, its funds are sent to budget expenditures.
FNB is controlled by the Central Bank in the interests of the Ministry of Finance (the regulator acts as an agent) and is part of its gold and foreign exchange reserves.