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Russia’s Finance ministry plans no more foreign currency sales

The Finance Ministry started selling its foreign currency balances from accounts at the Federal Treasury on December 17, the total amount of balances was estimated at about $7 billion

© AP Photo/LM Otero

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Russian Central Bank to give foreign currency loans to large banks

MOSCOW, December 24. /TASS/. Russia’s Finance Ministry does not plan to sell more of its foreign currency balances in the nearest future, Minister Anton Siluanov told reporters Wednesday.

“There were three approvals from the central bank and us, of course, to sell foreign currency on the currency market. We’ve sold it at a significantly weaker rate that is expected in January. So, we have even made some money on it,” the minister said.

After the ruble set record lows of 80 against the US dollar and 100 against the euro on December 16, the Finance Ministry started selling its foreign currency balances from accounts at the Federal Treasury on December 17. The total amount of balances was estimated at about $7 billion.

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