MOSCOW May 4 Russia's finance ministry said on
Thursday it would cut its purchases of foreign currency on the
domestic market by more than eightfold in May but said it could
step up the purchases in future.
The finance ministry will spend 8.5 billion roubles
($147.52 million) on forex purchases between May 10 and June 6,
down from 69.9 billion in the previous month.
The daily purchases will amount to around 0.4 billion
roubles between May 10 and June 6, the ministry said, or nearly
The finance ministry started buying foreign currency in
February with the help of the central bank for the country's
It says the purchases are aimed at shielding Russia from
external shocks, but some analysts see them as an attempt to
stop the rouble from strengthening too much.
($1 = 57.6175 roubles)
(Reporting by Andrey Ostroukh and Darya Korsunskaya; Editing by