The analyst called the ruble exchange rate “fair” without taking into account the currency transactions of the Ministry of Finance. According to the analyst, without buying currency for the NWF, the Russian currency rate would be in the range of 65-70 rubles per dollar.

Losev believes that since the beginning of the year, foreign exchange transactions have weakened the ruble by 5-10 percent. “The contribution to inflation is an additional 1-2 percent, inasmuch as the dollar is overvalued, which affects the cost of imports, and billions of rubles enter the financial system,” he commented.

There is a budget rule in Russia: if Urals oil is more expensive than indicated in the federal budget, the Ministry of Finance directs surplus profits to buy foreign currency. If oil turns out to be cheaper, it sells, the funds go to the NWF.