Russian finance ministry to buy $7.85 bln worth of gold, FX in month ahead

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MOSCOW, Jan 12 (Reuters) – Russia’s finance ministry said on Wednesday it would buy 36.6 billion roubles ($491 million) worth of foreign currency a day between Jan. 14 and Feb. 4, 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 585.9 billion roubles ($7.85 billion) over the month. A Reuters survey of analysts predicted that FX buying would total 363 billion roubles.

In the previous period, between Dec. 7 and Jan. 13, the ministry had planned to buy the equivalent of 502 billion roubles, or 22.8 billion roubles a day.

A recovery in prices for oil, Russia’s key export, enabled Russia to return to foreign currency purchases last 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 = 74.5950 roubles)

(Reporting by Darya Korsunskaya; Writing by Alexander Marrow; Editing by Katya Golubkova)

Photo – EPA-EFE/NARONG SANGNAK

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