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Russia to resume buying currency and gold as energy income revives
From Bloomberg News
Thursday, August 3, 2023
Russia will start buying foreign currency and gold as a recovery in energy revenue brought it above the target set in the budget.
The Finance Ministry said today it will purchase 40.5 billion rubles ($433 million) during the Aug. 7-Sept. 6 period under a budgetary mechanism designed to insulate the economy from the volatility of commodity markets.
Since purchases were halted in late January 2022, followed by the program’s suspension after the invasion of Ukraine the following month, the Finance Ministry has only sold foreign currency this year as part of the revamped fiscal mechanism. ...
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