Russian State FX Sales Are Expected To Increase In The Upcoming Month, [Survey]

The Russian finance ministry expects to expand its sales of foreign currency for state reserves to around $2.4 billion in the upcoming month.

Around 9:00 GMT on Friday, the finance ministry will reveal its purchasing schedule for the weeks of March 7 to April 6.

According to the median prediction of a poll of five analysts, Russia will regularly sell foreign currency on the open market for 180 billion roubles ($2.39 billion), in accordance with its fiscal policy.

Forecasts for specific individuals varied from 115 to 216 billion roubles.

In order to make up for weaker oil and gas profits during the prior period, between February 7 and March 6, the ministry intended to sell 160.2 billion roubles worth of foreign currency.

In order to improve domestic economic circumstances and lessen the impact of energy market volatility on Russia’s economy and state budget, the finance ministry said in January that it was reopening foreign currency transactions in Chinese yuan.

The West imposed broad sanctions against Russia last year after it launched what it calls a “special military operation” in Ukraine, which included the freezing of about $300 billion in foreign exchange reserves. As a result, Russia stopped making FX interventions.
The yuan, or renminbi, has grown to be a significant player in Russia, where for many years following the fall of the Soviet Union in 1991, the U.S. dollar reigned supreme. 75.3000 roubles to the dollar