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Bloomberg: Russia may continue to buy foreign exchange for its reserves in May KXan 36 Daily News

Date: October 1, 2023 Time: 14:31:04

“Since energy revenues are now close to exceeding the target level, purchases are possible from May,” the publication notes (quoted by RIA Novosti).

Initial purchases could amount to the equivalent of about $200 million yuan a month, the agency said. And it will highlight Moscow’s ability to keep petrodollars flowing in the face of Western sanctions.

According to Freedom Holding Corp analyst Natalya Milchakova, the fact that the state starts accumulating reserves again, instead of spending them, could have a positive effect on the ruble.

Recall that at the end of March, the Bank of Russia, for the first time after the imposition of sanctions, resumed the publication of data on the structure of gold and foreign exchange reserves. Thus, according to the results of nine months of this year, Russian assets, taking into account those frozen by the West, amounted to 540,000 million dollars.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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