Russian finance ministry plans to purchase foreign currency in coming month
MOSCOW, May 7 (Reuters) - The Russian Finance Ministry announced on Wednesday that it plans to buy foreign currency and gold for the budget reserve National Wealth Fund (NWF) in the coming month after selling them in the previous month.
The ministry said it will buy forex and gold for 41.6 billion roubles ($515.20 million) for the period from May 13 to June 5. It sold forex and gold worth 35.9 billion roubles in the previous month.
The move will cut the state's overall daily net forex sales, which combine forex operations by the ministry and the central bank, to 6.56 billion roubles a day from 10.46 billion roubles a day in the previous month.
Finance Minister Anton Siluanov said on Tuesday that the government plans to tap the fund for 447 billion roubles in 2025 to balance the budget in 2025, implying that forex sales from NWF will accelerate later in the year.
($1 = 80.7455 roubles)
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