Russia’s consideration of buying currencies of friendly countries

Russia is considering buying currency from friendly countries like China, India and Turkey to fill its national coffers.

Russia’s central bank says it has been unable to buy dollars or euros because of the sanctions. So he is considering buying currency from friendly countries like China, India and Turkey for his National Wealth Fund.

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According to foreign media, the central bank said that it is sticking to the policy of free circulation and exchange rate of the ruble and is discussing various options to replenish its national treasury, taking into account the Western sanctions under the monetary policy of 2023.25. Is.

The central bank says it is working on the possibility of implementing a budget operational mechanism to replenish Russian coffers with friendly currencies such as the Chinese yuan, Indian rupee and Turkish lira.

According to the bank, Russia had previously bought dollars and euros for the National Wealth Fund under budgetary rules, but it stopped buying forex on a daily basis for the fund earlier this year due to increased volatility in the value of the ruble. was given

It should be noted that Russia’s central bank reserves, which include the Chinese yuan, are managed by the Ministry of Finance and were about $640 billion as of February, about half of which were frozen under Western sanctions.

The central bank also says that the Russian economy will return to growth in 2024 after two years of contraction, and that inflation will slow to its 4 percent target by then, prompting the central bank to cut the key rate to 5-5 percent in 2025. will bring up to 6 percent.

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