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Russian finance ministry halts forex, gold purchases for 2022 – Metro US

Russian finance ministry halts forex, gold purchases for 2022

FILE PHOTO: A picture illustration of  U.S. dollar Swiss
FILE PHOTO: A picture illustration of U.S. dollar Swiss Franc British pound and Euro bank notes

MOSCOW (Reuters) – Russia’s finance ministry said on Thursday that it was halting purchases of foreign currency and gold for this year as part of a suspension of parts of its fiscal rule relating to the use of extra oil and gas revenues.

Under a rule adopted in 2017, Russia buys foreign currency when oil prices are high and sells when prices go below $44 per barrel, shielding the rouble from oil price swings.

(Reporting by Reuters)

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