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Russia cbank to coordinate managing forex reserves with govt - Interfax
January 18, 2017 / 6:13 PM / a year ago

Russia cbank to coordinate managing forex reserves with govt - Interfax

MOSCOW, Jan 18 (Reuters) - The Russian central bank will coordinate its action on how to manage forex reserves with the Finance Ministry, Interfax news agency quoted the bank as saying on Wednesday.

Discussion on ways to prop up the reserves have resumed after the rouble became one of the best performing emerging market currencies in 2016.

The reserves were used to cushion the budget deficit, which widened due to the slump in the price of oil, Russia’s chief commodity export.

But the independent central bank has been resistant to state conditions for replenishing the reserves.

The bank said it may consider buying foreign currency if the oil prices increase, Interfax reported.

OPEC, Russia and other non-OPEC producers in November and December pledged to cut oil output by nearly 1.8 million bpd, initially for six months, to bring supplies back in line with consumption, supporting prices. (Reporting by Vladimir Soldatkin and Andrey Ostroukh; Editing by Alison Williams)

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