June 5, 2017 / 9:01 AM / 2 months ago

Russia FinMin to raise FX purchases fivefold in June

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MOSCOW, June 5 (Reuters) - Russia's Finance Ministry said on Monday it would increase its purchases of foreign currency on the domestic market more than fivefold in June to 45.1 billion roubles ($797.4 million).

The daily purchases will amount to around 2.1 billion roubles between June 7 and July 6, up from 0.4 billion roubles between May 10 and June 6, the ministry said.

The finance ministry started buying foreign currency in February with the help of the central bank for the country's fiscal buffers.

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 = 56.5607 roubles) (Reporting by Polina Nikolskaya; writing by Katya Golubkova; editing by Maria Kiselyova)

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