Bank of Russia Buys Another $200 Million for Forex Reserves
The Bank of Russia continued to intervene in the foreign exchange market last week after it bought another $ 200 million, the bank said on Monday.
The central bank–which reports its currency market activities with a two-day lag–made the intervention on Thursday. The bank is aiming to replenish Russia’s foreign currency reserves after it spent billions of dollars to defend the plummeting ruble on the back of fall in the price of oil and the economic sanctions that have been imposed on Russia by the West in reaction to Moscow’s support of the separatists in eastern Ukraine.
The central bank said it will buy between $100 million and $200 million a day, but said it could raise the amount of interventions in the future.
Since purchases began in mid-May, the central bank has bought as much as $1.38 billion. Russia’s international reserves rose $3.8 billion to $362.3 billion in the week to May 15. A year ago reserves stood at $466.8 billion.
Source: nasdaq – Bank of Russia Buys Another $200 Million for Forex Reserves
