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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Management/Administration

Russian finance ministry to wait before resuming fx buys

Posted on 13 March 2014

Russia’s finance ministry said on Wednesday it will wait for at least another two weeks before resuming daily foreign currency purchases to transfer excess revenues to one of its sovereign wealth funds, partly because the rouble is too weak.
The ministry indicated last month that it would convert around $5.8 billion to add to its $87 billion Reserve Fund, one of two sovereign funds financed from oil taxes. It needs to convert the funds into foreign currency and announced a gradual transfer that would involve it buying the equivalent of 3.5 billion roubles ($95.8 million) a day over three months………………………………………..Full Article: Source


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