Russia to resume open-market foreign currency buys

Posted: Updated:

MOSCOW (AP) - The Russian Finance Ministry says it will start buying foreign currency on the open market next week, five months after purchases were suspended to support the ruble.

The ministry says that 265.8 billion rubles ($4 billion) of purchases are planned between Jan. 15 and Feb. 6 at a rate of 15.6 billion rubles ($230 million) per day.

The central bank, which buys the currency on behalf of the ministry, stopped open-market purchases in August as the ruble lost value amid fears over possible new U.S. sanctions on Russia.

Since then, the immediate threat of new sanctions has receded with political deadlock in the U.S. The Russian Finance Ministry did not give an explanation for the resumption of purchases or their volume.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."