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Russia seen keeping FX purchases steady in April

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(Reuters) – Russia’s finance ministry is seen keeping its purchases of foreign currency for state reserves in April at the same level as the previous month, a Reuters poll showed on Tuesday.

The finance ministry is due to announce its purchasing plan for the next month on Wednesday at 0900 GMT.

The median forecast from the survey of nine analysts was that Russia would buy 310 billion roubles ($4.73 billion) worth of foreign exchange in regular purchases on the open market from April 5 to May 13.

The average estimate for FX buying was the same as the finance ministry’s purchasing plan for the previous period of March 7 to April 4.

Then, the ministry planned to buy 15.5 billion roubles worth of foreign currency per day, increasing its daily purchases from 9.7 billion roubles in the period before.

The Russian central bank said last month that it would fully suspend foreign exchange purchases if market volatility soared.

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