Russia considers early return to foreign currency market
Finance Minister Anton Siluanov says Russia may resume forex purchases early as the rouble firms. The currency rose eight percent amid higher oil prices.
The government of Russia is evaluating an early resumption of foreign currency market interventions following a significant strengthening of the rouble this month. This move comes as higher prices for Brent Crude Oil and West Texas Oil have bolstered the nation's fiscal position. Finance Minister Anton Siluanov indicated on Thursday that the improved economic conditions might warrant a reversal of the decision made in March to suspend forex transactions until July. That suspension was originally implemented to safeguard the country's fiscal reserve fund when energy prices were under pressure earlier in the year.
