Russia seen increasing state FX purchases in June: Reuters poll

June 3, 2019

MOSCOW (Reuters) – Russia’s finance ministry is expected to slightly increase its purchases of foreign currency for state reserves in June, a Reuters poll showed on Monday.

The finance ministry is due to announce its purchasing plan for the next month on Wednesday at 0900 GMT.

The median forecast from the survey of eight analysts suggested Russia would buy 308.5 billion rubles ($4.71 billion) worth of foreign exchange in regular purchases on the open market from June 7 to July 4.

Individual forecasts ranged from 250 billion to 365 billion rubles.

Daily purchases are expected to decline to 16.2 billion rubles, according to Reuters estimates.

In the previous period, from May 14 to June 6, the ministry had planned to buy 300.5 billion rubles, or 16.7 billion rubles per day.

However, the actual amount bought will be higher as, since Feb. 1, the central bank is also carrying out FX purchases it postponed in 2018 due to rouble volatility.

(Reporting by Andrey Ostroukh, editing by Kirsten Donovan)

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