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BenQ Lighting

Russian finance ministry to increase deferred daily FX purchases

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Russia's finance ministry on Wednesday said it would increase the volume of its deferred foreign currency and gold purchases in the coming six weeks.
The Russian Finance Ministry announced on December 4, 2023, that it will increase its deferred daily foreign currency purchases for 2024, aiming to stabilize the ruble amidst economic pressures from Western sanctions. The ministry plans to buy 12.6 billion rubles ($139.5 million) worth of foreign currency daily, up from the previous year's 11.7 billion rubles. This adjustment is part of a broader strategy to manage the national currency's volatility, especially after the ruble weakened significantly following geopolitical tensions and sanctions related to the Ukraine conflict. The increased purchases are intended to be executed through the Bank of Russia, which will convert these rubles into foreign currency to bolster Russia's National Wealth Fund. This move reflects Russia's ongoing efforts to mitigate the impact of sanctions and support its economy by managing its foreign exchange reserves more actively.

Read the Full Reuters Article at:
[ https://www.reuters.com/markets/currencies/russian-finance-ministry-increase-deferred-daily-fx-purchases-2024-12-04/ ]