Poll Shows Russia is Set to Increase Foreign Currency Purchases

The Finance Ministry of Russia is set to increase the foreign currency purchases intended for state reserves to about $4.4 billion in the next month, according to a Reuters poll published on Tuesday, Nasdaq informed.

The ministry of finance is going to reveal its purchasing plan for the period from August 6 until September 6 on Wednesday.

According to the median forecast made by a poll that involved ten analysts, Russia is set to purchase 320 billion roubles (around $4.4 billion) worth of foreign currency in regular buy-offs made on the open market and under the fiscal rule.

The individual forecast range started at around 240 billion and reached 349 billion roubles.

The ministry of finance had plans to purchase 296 billion roubles of FX and gold in the period between July 7 and August 5.

Russia has been able to come back to the foreign exchange purchases this year due to the recovery in the oil prices which are the country’s main export.