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CARACAS, July 25 (Reuters) - A Venezuelan debt buyback of about $1.5 billion is not yet ready but will go ahead "at the right moment," Finance Minister Ali Rodriguez said on Friday, confirming a plan announced in May.

"There is still nothing foreseen," Rodriguez told reporters when asked about progress on the buyback plan but added: "It will happen at the right moment."

Debt traders have been keenly awaiting information about the planned transaction, which was announced shortly before Rodriguez took the finance ministry job.

Anticipation of the buyback has helped firm Venezuelan debt in recent weeks.

(Reporting by Deisy Buitrago; Editing by Diane Craft)