November 2, 2018 / 1:07 PM / 8 months ago

Russian finance ministry to see higher FX inflow in November

MOSCOW (Reuters) - Russia’s finance ministry is likely to see a higher inflow of foreign currency in November, but that will have no impact on the currency market for now, a Reuters survey showed on Friday.

The finance ministry is expected to receive 481.5 billion roubles ($7.33 billion) worth of foreign currency for its reserves between Nov. 8 and Dec. 6, a poll of eight analysts and economists showed.

Forecasts varied between 400 billion and 510 billion roubles.

In the preceding period, from Oct. 5 to Nov. 7, the finance ministry had planned to replenish its reserves by 475.7 billion roubles worth of foreign currencies.

The actual plan to replenish reserves will have no immediate impact on the rouble as the finance ministry had already stopped buying foreign currency on the market in September and is set to receive the money directly from the central bank instead.

To ease pressure on the rouble that was hit by threats of more U.S. sanctions and a sell-off in other emerging markets, the central bank halted FX purchases on behalf of the finance ministry from September until the end of the year.

The finance ministry, which started buying foreign currency in early 2017 to beef up depleted reserves, is due to reveal its purchasing plan for the next month at 0900 GMT on Nov. 6.

($1 = 65.6596 roubles)

Reporting by Zlata Garasyuta, Writing by Andrey Ostroukh, Editing by William Maclean

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