SHANGHAI, Jun 20 (PRIME) -- Russia’s Federal Treasury plans to buy U.S. $2–3 billion worth of foreign currency for the budget in 2017, or $200–300 million per month, the authority’s Head Roman Artyukhin told reporters on Tuesday.
“We have a cash plan, it is based on the volume of currency operations. Speaking about the volume, it amounts to about $200–300 million a month. So, it stands at about $2–3 billion for the whole year,” he said answering a question about purchases of foreign currency for the budget in 2017.
Currently, the treasury has no possibility to buy foreign currency directly from the market and has to do it through the central bank. It has no influence on the ruble rate as the regulator does not mirror these operations at the market and the volume of the treasury’s purchases is insignificant for the market.
Artryukhin said that the authority still plans to start direct purchases from the market without mediation of the central bank in 2018. Purchases will cover the needs of the budget and also the replenishment of the Reserve Fund. The treasury is now discussing corresponding amendments to the law with the regulator and the Finance Ministry, he said.
Previously, he said the Federal Treasury bought $500 million of foreign currency for the budget in May.
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