MOSCOW, March 24 (Reuters) - Russia’s finance ministry was buying foreign currency this month to finance the budget’s forex liabilities in April, Deputy Finance Minister Vladimir Kolychev said on Friday.
“Significant amount of such liabilities falls on April. That is why in March, when the rouble rate was attractive, we replenished our stocks of foreign currency,” Kolychev said in an emailed statement.
Finance Minister Anton Siluanov said on Monday the rouble was overvalued by up to 12 percent, making it a good time for forex purchases under which the ministry may buy at least $1 billion in 2017.
Separately, Russia resumed regular purchases of dollars and euros in February in order to prevent the rouble from excessive firming and to replenish the country’s depleted reserves.
Reporting by Darya Korsunskaya; writing by Katya Golubkova; editing by Andrey Ostroukh