Russia seen scaling down regular state FX buying in February

04 Feb, 2019

Russia's finance ministry is seen scaling down regular purchases of foreign currency for state reserves in February due to lower oil prices, a Reuters survey showed on Friday. Russia was expected to buy 240 billion roubles ($3.67 billion) worth of foreign exchange in regular purchases on the open market from Feb. 7 to March 6, a median forecast of eight analysts showed.
In the previous period, from Jan. 15 to Feb. 6, the finance ministry planned to buy a total 265.8 billion roubles worth of FX. On a daily basis, purchases are expected to be about 12 billion roubles, the survey showed.
Overall state purchases of FX between Feb. 7 and March 6 are set to be higher, as the central bank has said it will from Feb. 1 carry out foreign currency purchases that it had to postpone in 2018 due to volatility in the rouble.

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