Russia seen cutting state FX purchases in July

02 Jul, 2019

Russia's finance ministry is expected to lower its purchases of foreign currency for state reserves in July, a Reuters poll showed on Monday.
The finance ministry is due to announce its purchasing plan for the month ahead on Wednesday at 0900 GMT.
The median forecast from the survey of nine analysts suggested Russia would buy 285 billion roubles ($4.52 billion) worth of foreign exchange in regular purchases on the open market from July 5 to August 6.
Individual forecasts ranged from 200 billion to 305 billion roubles.
Daily purchases are expected to decline to 12.39 billion roubles, according to Reuters estimates.
In the previous period, from June 7 to July 4, the ministry had planned to buy 310.3 billion roubles, or 16.3 billion roubles per day.
However, the actual amount bought for state reserves will be higher. Since February 1, the central bank has also been carrying out FX purchases it postponed in 2018 because of elevated rouble volatility.

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