Russia's finance ministry said on Tuesday it was allocating a total of 276.2 billion roubles ($2.8 billion) in the coming month for deferred foreign exchange purchases, compared with 40.5 billion roubles in the past month.
The purchases, in line with Russia's budget rule, will be deferred because the central bank last month stopped buying foreign currency until the end of the year to avoid aggravating pressure on the rouble.
The central bank has said it will decide on the basis of market conditions when to resume buying forex, and purchases postponed during 2023 may be made in 2024 and subsequent years.
The finance ministry's decision to increase the allocation nearly sevenfold in September is based on its expectation of higher revenues for oil and gas this month, in excess of budget forecasts.
Under the budget rule, the ministry is meant to buy forex through the central bank to replenish the rainy day National Wealth Fund when oil and gas revenues exceed a set monthly baseline.
The finance ministry said it estimated the volume of excess oil and gas revenues in September would be 279.1 billion roubles. ($1 = 97.44 roubles) (Reporting by Reuters; Editing by Kevin Liffey)