02.05.2023, 08:29
It became known about the possible purchase of foreign currency by Russia for reserves
Source: OREANDA-NEWS
OREANDA-NEWS Russia may purchase foreign currency for its reserves as early as May. This is reported by Bloomberg.
As the agency notes, at the moment, energy revenues are close to exceeding the target level, so currency purchases are possible this month. To do this, the Russian side uses yuan, in dollar terms, the amount of purchases can be about 200 million.
The Chinese currency is a key asset that Russia can use to conduct transactions for its $154 billion wealth fund, Bloomberg emphasizes. This will emphasize the ability of the Russian side to maintain the inflow of oil revenues against the background of sanctions.
In April, experts explained the weakening of the ruble with an increase in oil prices. They stressed that the currency is losing its strength against the background of the end of the tax period, "when exporters at the end of March transferred foreign exchange earnings into rubles to pay taxes, as well as a general decline in exports in monetary terms with a simultaneous increase in import operations."
As the agency notes, at the moment, energy revenues are close to exceeding the target level, so currency purchases are possible this month. To do this, the Russian side uses yuan, in dollar terms, the amount of purchases can be about 200 million.
The Chinese currency is a key asset that Russia can use to conduct transactions for its $154 billion wealth fund, Bloomberg emphasizes. This will emphasize the ability of the Russian side to maintain the inflow of oil revenues against the background of sanctions.
In April, experts explained the weakening of the ruble with an increase in oil prices. They stressed that the currency is losing its strength against the background of the end of the tax period, "when exporters at the end of March transferred foreign exchange earnings into rubles to pay taxes, as well as a general decline in exports in monetary terms with a simultaneous increase in import operations."
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