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Ruble strengthening will be sharper without foreign exchange interventions — minister

February 15, 2017, 16:31 UTC+3
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MOSCOW, February 15. /TASS/. The strengthening of the Russian currency will be sharper without the Finance Ministry’s foreign exchange interventions, Minister Anton Siluanov said Wednesday.

"We’ll purchase foreign currency to stock up. The purchases are mainly aimed at enhancing stability on the forex market. The ruble’s exchange rate would be strengthening more sharply without those operations," he said.

As reported earlier Russia’s Finance Ministry started foreign exchange purchase and sale operations on the domestic forex market. The amount of operations will depend on the amount of oil and gas revenues of the Russian federal budget. The move is aimed at increasing the stability and predictability of the domestic economic environment and mitigating the impact of varying energy resources market situation on the Russian economy. In February, the amount of extra oil and gas revenues will be worth 113.1 bln rubles ($1.9 bln). The foreign currency purchases are expected to have an immaterial effect on money market rates, the Finance Ministry and Central Bank said.

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