Ministry to buy 300.5 bln rbl foreign currency on May 14–Jun 6

MOSCOW, May 8 (PRIME) -- Russia’s Finance Ministry will acquire 300.5 billion rubles of foreign currency from the open market under the budget rule from May 14 through June 6, spending 16.7 billion rubles a day, the ministry said in a statement on Wednesday.

Budget windfall revenue from the oil and gas sales is expected at 314.4 billion rubles in May.

In February 2017, the ministry entered the currency market to minimize dependence of the ruble rate on oil prices. In September 2018, the central bank decided to suspend foreign currency purchases on the market for the Finance Ministry to reduce volatility on financial markets and resumed the purchases in January.

(65.2166 rubles – U.S. $1)

End