Russia to convert foreign currency from wealth fund to arrest rouble's fall
Moscow
RUSSIA may unseal its US$88 billion Reserve Fund and convert some of its foreign-currency holdings into roubles, the latest government effort to prop up an economy veering into its worst slump since 2009.
"Together with the central bank, we are selling a part of our foreign-currency reserves," Finance Minister Anton Siluanov said in Moscow on Wednesday. "We'll get roubles and place them in deposits for banks, giving liquidity to the economy." The move shows the narrowing options left to policy makers after the central bank spent about US$88 billion on defending the ruble last year as the lowest oil prices since 2009 and sanctions imposed over the conflict in Ukraine push the economy to the brink of a…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
TikTok artists and advertisers to stay with app until ‘door slams shut’
Biden signs Ukraine aid, TikTok ban Bills after Republican battle
UAE announces US$544 million for rain repairs, says lessons 'learned'
HSBC says growing Chinese wealth fuels client investments in US
Discussion on EU-Asean FTA has shifted towards cooperation in specific areas: DPM Heng
US core capital goods orders rise moderately in March