March 4, 2020 / 9:02 AM / 25 days ago

Russian finance ministry to almost halve daily FX purchases in March

MOSCOW, March 4 (Reuters) - Russia’s finance ministry said on Wednesday it would buy 6.3 billion roubles ($95.5 million) worth of foreign currency a day between March 6 and April 6, down from 11.3 billion roubles a day in the previous period.

FX purchases on the market will total 133.3 billion roubles in the month ahead, down from the 214.2 billion roubles the ministry had planned to spend between Feb. 7 and March 5.

A Reuters survey showed earlier this week that analysts had on average expected state FX purchases to reach 170 billion roubles between March 6 and April 6.

Since last year, the central bank has been carrying out the FX purchases it postponed in 2018 due to high rouble volatility. This means that FX purchases in March will be higher than those outlined in the ministry’s initial plan. ($1 = 65.9794 roubles) (Reporting by Andrey Ostroukh; Editing by Alexander Marrow)

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