Russian finance ministry to see lower FX inflow in Feb, survey shows

MOSCOW, Feb 2 (Reuters) – Russia’s finance ministry is likely to see a lower inflow of foreign currency in the equivalent of $7.2 billion in February, which should have no immediate impact on the rouble, a Reuters survey showed on Wednesday.

The central bank, which usually carries out daily FX purchases on behalf of the finance ministry, stopped buying foreign currency for state coffers on Jan. 24 in an attempt to ease downside pressure on the falling rouble. read more

The median forecast from a survey of seven analysts suggested the finance ministry would replenish its reserves by 550 billion roubles ($7.20 billion) worth of foreign currency under its fiscal rule between Feb. 7 and March. 4.

In the preceding period, between Jan. 14 and Feb. 4, the finance ministry had planned to buy 585.9 billion roubles worth of foreign currencies.

Russia does not target a specific rouble exchange rate but daily state FX purchases limit the rouble’s ability to strengthen.

($1 = 76.3540 roubles)

Reporting by Andrey Ostroukh; editing by Alexander Marrow

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