Cbank to start buying, selling yuan under budget rule on Friday

MOSCOW, Jan 11 (PRIME) -- The central bank plans to restart buying and selling operations in the Chinese yuan-Russian ruble pair on the internal market under the budget rule from Friday, the authority said in a statement on Wednesday.

“In accordance with the order published by the Finance Ministry, the Bank of Russia will restart purchases or sales of foreign currencies on the internal market in the framework of the Finance Ministry’s implementation of the budget rule mechanism,” the regulator said.

The central bank will buy or sell the Chinese yuan evenly during each trading day of the month in order to minimize impact of the operations on the exchange rates, the authority said.

The Finance Ministry said in a separate statement that it expected the oil and gas revenue of the budget to be 54.5 billion rubles below the plan in January. This means that the ministry plans to sell foreign currency worth 54.5 billion rubles from Friday through February 6 via the central bank, with the average daily sales amounting to 3.2 billion rubles.

(69.6094 rubles – U.S. $1)

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