Finance Ministry to start buying currency on market for Reserve Fund after Sept 30
The Russian Finance Ministry will start buying currency on the market for the Reserve Fund after September 30, Deputy Finance Minister Alexei Moiseyev told reporters on the sidelines of the International Investment Forum Sochi 2013 on Saturday.
"Soon. We are prepared; we have promised to start [buying] on September 30 but we may not be ready to do so precisely on September 30," he said.
The first purchase will be trial, he said. "Any sum we buy will go to the Reserve Fund," the deputy minister said. He declined to specify the possible sums.
Earlier the Finance Ministry estimated possible currency purchases on the market at 10-30 billion rubles. "Ten billion rubles or 30 billion rubles, this is immaterial. These sums cannot have a serious influence on the market," Moiseyev said.
Beyond the Games: The 2013 Sochi International Investment Forum
This year’s Sochi International Investment Forum takes place on September 26-29 in Russia’s Black Sea resort town of the same name and host of the 2014 Winter Games. Read more>>>