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Finance Ministry suspends foreign currency purchases for reserve fund as of March 4

March 04, 2014, 12:30 UTC+3
The amount of the Reserve Fund makes around $86.5 billion
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MOSCOW, March 04. /ITAR-TASS/. The Russian Finance Ministry suspends foreign currency purchase for the Reserve Fund starting from March 4.

“Over high level of volatility observed at financial markets recently the Russian Finance Ministry and the Federal Treasury state about suspension of foreign currency purchases on domestic currency market starting from March 4. Foreign currency purchases were made to transfer an additional 212.2 billion rubles (around $5.8 billion) of oil and gas federal budget revenues in the Reserve Fund in 2013,” the ministry said in a statement.

Aggregate funds allocated for foreign currency purchase have reached 38 billion rubles (around one billion dollars).

From February 20, 2014, the country’s Finance Ministry and the Federal Treasury have begun foreign currency purchase of 212.2 billion rubles for the Reserve Fund. Foreign currency purchase of 3.5 billion rubles (around $96.2 million) daily should be made gradually until May 2014. Receiving instructions from the Finance Ministry the Central Bank of Russia was not planned to actually make foreign currency interventions for this sum of money. The Finance Ministry believed that the decision on foreign currency purchase would not affect the ruble exchange rate.

The amount of the Reserve Fund makes 3.148 trillion rubles (around $86.5 billion) as of March 1, 2014.

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