Russian finance ministry halts forex, gold purchases for 2022
Reuters
Published Mar 03, 2022 04:13AM ET
MOSCOW (Reuters) - Russia's finance ministry said on Thursday that it was halting purchases of foreign currency and gold for this year as part of a suspension of parts of its fiscal rule relating to the use of extra oil and gas revenues.
Under a rule adopted in 2017, Russia buys foreign currency when oil prices are high and sells when prices go below $44 per barrel, shielding the rouble from oil price swings.
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Written By: Reuters
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