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Russia seen lowering state FX sales in coming month, survey shows

  • In the previous period, between Dec. 7 and Jan. 14, the ministry had planned to sell 50.8 billion roubles.
Published January 12, 2021

MOSCOW: Russia's finance ministry is expected to further ease support for the rouble by cutting its regular sales of foreign currency under its fiscal rule to around $200 million in the coming month, a Reuters survey showed on Tuesday.

The finance ministry will announce its sales plan for the period from Jan. 15 to Feb. 4 on Wednesday.

The median forecast from a survey of six analysts suggested Russia would sell 15.0 billion roubles ($201.94 million) worth of foreign currency from its state reserves in regular operations under its fiscal rule. Forecasts ranged from 0 to 90 billion roubles.

In the previous period, between Dec. 7 and Jan. 14, the ministry had planned to sell 50.8 billion roubles.

Daily FX sales have helped the rouble weather volatility on global financial markets since March 2020, limiting losses in the Russian currency amid a slump in oil prices, the COVID-19 pandemic and geopolitical risks.

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