Central Bank of Russia purchases currency in market

Baku. 25 January. REPORT.AZ/ Bank of Russia (Central Bank) may start buying 1 bln USD in the currency market per month. Report informs citing the Bloomberg, sources in the government said.

According to the information from agency, Bank of Russia plans to increase reserves by purchasing currency from

After the increase in oil prices, Bank of Russia directed additional revenues to the purchase of foreign currency reserves in order to increase reserves. Thus the base price of oil in 2017 was at 40 USD/barrel, currently the price of oil is 55 USD / per barrel. 

According to the statement made by Russian Deputy Prime Minister Igor Shuvalov in Davos, Ministry of Finance and the Bank of Russia will limit the process of strengthening of reserves by 1-2 years in order to avoid ruble volatility. As a result, exporters will be able to forecast their business more easily.