Page 59 - bne IntelliNews Russia Country report May 2017
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7.1 FX issues
Russia's Finance Ministry said on June 5 it would increase its purchases of foreign currency on the domestic market more than fivefold in June to RUB45.1bn ($797.4mn). The daily purchases will amount to around 2.1bn rubles between June 7 and July 6, up from RUB0.4bn between May 10 and June 6, the ministry said. The finance ministry started buying foreign currency in February with the help of the central bank for the country's fiscal buffers. It says the purchases are aimed at shielding Russia from external shocks, but some analysts see them as an attempt to stop the ruble from strengthening too much. ($1 = RUB56.5607)
59 RUSSIA Country Report May 2017 www.intellinews.com
