Treasury as an active participant in the financial market
In conditions of economic stagnation, aggravated by the consequences of the pandemic in the Russian Federation, it is very important to find new sources to cover the current federal budget deficit. One of the ways to solve this problem is to use various instruments for the Treasury of Russia to conduct active operations with temporarily available funds of the Single Treasury Account of the federal level. The implementation of mechanisms for depositing the corresponding financial resources made it possible to attract additional funds: the total amount of income as of January 1, 2020 amounted to 181.4 billion rubles, of which 123 billion rubles from the placement of federal budget funds on bank deposits, from REPO transactions - RUB 29.4 billion, for a currency swap - RUB 2.03 billion, for deposits with a central counterparty - RUB 9.7 billion. REPO operations, as a tool for managing temporarily available funds of the single treasury account, are due to the need to build an effective system for managing public finances in the Russian Federation in the context of economic instability. Direct participation of the Federal Treasury, controlled by the Ministry of Finance, in operations on the foreign exchange market will give the Ministry of Finance more opportunities to manage budgetary funds than it currently has with the mediation of the Central Bank. Since the Central Bank and the Ministry of Finance have different tasks of currency regulation, their dilution looks quite logical. Operations through the Treasury will make it possible to conduct operations on more favorable terms for the placement of budget funds. The active participation of the Federal Treasury in the stock market through the mechanism for managing the free balances of the single account of the federal budget brings an economic effect, both in terms of increasing federal budget revenues and maintaining bank liquidity.