May 8, 2020 / 9:16 AM / a month ago

Russian finance ministry to triple daily FX sales in May

MOSCOW, May 8 (Reuters) - Russia’s finance ministry said on Friday it would sell 11.4 billion roubles ($154.38 million) worth of foreign currency a day between May 13 and June 4, nearly tripling the amount it had sold a month earlier.

FX sales on the market will total 193.1 billion roubles ($2.62 billion) in the month ahead, the ministry said. That figure is slightly higher than the 185 billion roubles predicted by a Reuters survey of analysts.

In the previous period, between April 7 and May 12, the ministry had planned to sell 77.8 billion roubles, but total FX interventions increased after prices for the Russian Urals crude blend URL-E fell to less than $25 per barrel. ($1 = 73.8415 roubles) (Reporting by Andrey Ostroukh; Editing by Gabrielle Tétrault-Farber)

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