Russia to buy $100m/day on FX market this month

06 Feb, 2017

The Russian central bank will buy the equivalent of 6.3 billion roubles ($106 million at current market prices) a day on the Moscow Exchange this month to replenish the country's fiscal reserves, the finance ministry said on Friday.
The central bank will buy the equivalent of 113.1 billion roubles ($1.9 billion) between February 7 and March 6, the finance ministry said, adding the foreign currency would be channelled to its accounts at the central bank.
Russia is resuming dollar purchases next week to replenish the country's drained reserves, its first interventions since a brief burst in 2015.
The size of the daily interventions announced on Friday was close to analysts' expectations.
The finance ministry claims the upcoming purchases are aimed at shielding Russia from external shocks, but critics say they are an attempt to keep the rouble weak.

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