Russian finance ministry to buy $4.5 bln worth of gold, FX in September

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Russia’s finance ministry said on Friday it would buy 14.9 billion roubles ($204.8 million) worth of foreign currency a day between Sept. 7 and Oct. 6, an increase in the amount of daily operations from the previous month.

The finance ministry said its regular FX and gold purchases on the market will total 327.1 billion roubles ($4.50 billion)over the month. A Reuters poll of analysts predicted that FX buying would total 303 billion roubles.

In the previous period, Aug. 6 and Sept. 6, the ministry had planned to buy the equivalent of 315.9 billion roubles, or 14.4 billion roubles a day.

A recovery in prices for oil, Russia’s key export, has enabled Russia to return to foreign currency purchases this year.

In 2020, Russia was selling FX, which helped to limit losses in the rouble amid a slump in oil prices, the COVID-19 pandemic and geopolitical risks.

($1 = 72.7570 roubles)

Photo: People walk in front of an electronic panel displaying the Euro currency rate and reflecting Vladimirskaya Church at an exchange office in St. Petersburg, Russia. EPA-EFE/ANATOLY MALTSEV