Search Keywords
Financial Times Wall Street Journal Economist
News Period From   To
News: 60885    Funds: $437    Pays: $524

Go Back to
News List
This News on
Daily Paywall
  Rated 178 | Views 480
Rate it | Share it 

Russian Finance Ministry Sells Foreign-Currency Reserves
From the Wall Street Journal of Tue, 23 Dec 2014 04:43:29 EST

MOSCOW—The Russian finance ministry sold some of its foreign-currency reserves last week to support the battered ruble, according to data released Tuesday by Russia’s central bank.

The Bank of Russia said it sold $420 million on Dec. 19 and $500 million on Dec. 18 at request of the federal treasury, a part of the finance ministry.

The sales are the first since the finance ministry, which holds its funds at the central bank, said last week it would start selling its excessive holdings of foreign currency on the market to prop up the “extremely undervalued” ruble. The finance ministry holds about $7 billion of foreign-currency reserves but hasn’t said how much it would sell.

The intervention from the finance ministry is separate from the central bank’s foreign currency sales, which have exceeded $10 billion so far this month.

News of the finance ministry’s action came as the ruble firmed to trade at 54.9 versus the dollar in early afternoon trade on the Moscow exchange, after hitting 52.88—its strongest level it two weeks—shortly after trading started.

The ruble has rebounded from its record low of 80.10 versus the dollar hit last week, propped up by a recovery in oil prices and the domestic month-end tax period.

Write to Andrey Ostroukh at

This article is provided by, which is published and distributed by Paolo Cirio Ltd., registered in England, number 8188080. Registered Office: Suite 36, 88-90 Hatton Garden, City of London, EC1 N8PG, United Kingdom. Paolo Cirio Ltd. alone is responsible and liable for information and services provided through Daily Paywall’s newspaper and website.

Enjoy The Real Value of Information

Earn Money
Offer Money
Buy Advertising
Buy Artwork Article

Similar Articles