February 5, 2020 / 9:00 AM / 16 days ago

Russian finance ministry to cut daily FX purchases in February

MOSCOW, Feb 5 (Reuters) - Russia’s finance ministry said on Wednesday it would buy 11.3 billion roubles ($180 million) worth of foreign currency a day between Feb. 7 and March 5, down from 18.2 billion roubles a day in the previous period.

FX purchases on the market will total 214.2 billion roubles in the month ahead, down from the 309.9 billion roubles the ministry had planned to spend between Jan. 15 and Feb. 6.

A Reuters survey showed earlier this week that analysts had on average expected state FX purchases to reach 232.5 billion roubles between Feb. 7 and March 5.

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 February will be higher than those outlined in the ministry’s initial plan. (Reporting by Andrey Ostroukh; Editing by Gabrielle Tétrault-Farber)

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