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Finance Ministry Announces Cuts to FX Sales

RUSSIA
  • The Finance Ministry said Friday it will sell RUB119.8b ($1.6 billion) during the March 7-April 6 period under a budgetary mechanism aimed at insulating the economy from the ups and downs in oil prices. The amount is over 40% less than in the previous month. (BBG)
  • A Reuters report on Thursday suggested Russia's finance ministry would to increase its sales of foreign currency for state reserves to about $2.4 billion in the coming month, so this announcement is lower than expected.

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