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Ministry of Finance Ready to Restart FX Purchases

RUSSIA
  • According to unidentified sources close to the government, Vedomosti report that the Ministry of Finance is ready to restart FX purchases in September once new fiscal rules are approved.
  • Citing an Economics Times report, Bloomberg report that more than 15 Russian banks are in talks with Indian lenders about payments in rubles and rupees, creating a reference exchange-rate framework that will be set daily by the Reserve Bank of India and the Central Bank of Russia. Asif Iqbal, president of the Indian Economic Trade Organization, said to ET “while the rupee-denominated trade with Russia will pave the way for cheaper oil imports, small to mid-sized public sector banks will look at this as an opportunity to expand their operations to territories where they were never present”.
  • There are no major data releases scheduled for today.
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