Russia will resume buying dollars next week for the first time since a brief burst in 2015, but sources told Reuters the purchases will go ahead only after a reluctant central bank won assurances it could distance itself from the operations.
People involved in discussions of the planned purchases said the bank had feared investors would regard them as currency interventions designed to weaken the rouble, rather than the stated intention of replenishing Russia’s fiscal reserves depleted by low oil prices and international sanctions.
The central bank, which has a policy of letting the rouble float freely, insists it is not intervening …read more
Source: Gulf times
