Russia's finance ministry announced late last week that it would start buying back currencies and gold in August after 18 months of selling or sitting on the sidelines as Moscow looks to profit from recent high oil prices, according to a report. from Reuters.
Russia ended a nearly year-long pause in foreign exchange interventions in January when it began selling its yuan reserves under a budgeting mechanism designed to protect the country's economy from commodity market volatility. Foreign exchange purchases were halted at the end of January 2022 and the program was suspended following the invasion of Ukraine the following month.
Since most of Russia's monetary reserves are frozen due to US and European sanctions, the renminbi is the main asset that Russia remains available for these operations. About a third of Russia's budget revenue comes from the oil and gas industry.
The finance ministry said it plans to buy 1.8 billion rubles, or 19.27 million dollars in foreign currency, every day from August 7 to September 6, for a total of 40 foreign currency purchases, 5 billion rubles ($3.78 billion). It did not share a specific goal for its gold purchases.
XAUUSD
SELL 1929 -1931💯💯
✅ TP1: 1925
✅ TP2: 1922
🛑 SL: 1935
Russia ended a nearly year-long pause in foreign exchange interventions in January when it began selling its yuan reserves under a budgeting mechanism designed to protect the country's economy from commodity market volatility. Foreign exchange purchases were halted at the end of January 2022 and the program was suspended following the invasion of Ukraine the following month.
Since most of Russia's monetary reserves are frozen due to US and European sanctions, the renminbi is the main asset that Russia remains available for these operations. About a third of Russia's budget revenue comes from the oil and gas industry.
The finance ministry said it plans to buy 1.8 billion rubles, or 19.27 million dollars in foreign currency, every day from August 7 to September 6, for a total of 40 foreign currency purchases, 5 billion rubles ($3.78 billion). It did not share a specific goal for its gold purchases.
XAUUSD
SELL 1929 -1931💯💯 ✅ TP1: 1925
✅ TP2: 1922
🛑 SL: 1935
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