Russian state-owned companies to support ruble currency selling – FAZ – Frankfurter Allgemeine Zeitung

Russian state-owned companies to support ruble currency selling – FAZ – Frankfurter Allgemeine Zeitung

      

 
 
 
 
 
     
 
 
 
 
 
 
 
 
         

 
 
 
 
 
          The Russian ruble is under huge pressure.
     

 
                                           
 
 
     
     
     
         
         
                                                             

In support of the rub le, the Russian government is, according to a newspaper back to the foreign exchange reserves of state-owned enterprises. Prime Minister Dmitry Medvedev had instructed the company by decree to sell part of their foreign money reserves, reported “Kommersant” on Tuesday, citing insiders. Over the next two months, the company could pump in this way a total of about a billion dollars a day in the market. Affected are, inter alia, the energy companies Gazprom and Rosneft.

                         
         
         
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The central bank announced in a statement on discussions with exporting companies about a stabilization of the foreign exchange market. Regular sales of foreign currencies during the year are also in the interests of corporations, it said. Government officials could not be reached for comment first.

                         
         
         
                                                             

According to the newspaper report, the ruble rose during trading on 52.88 rubles to the dollar, the highest level since early December. The Russian currency is because of Western sanctions and the relatively low oil prices under massive pressure and had temporarily reached 80 rubles to the dollar.

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In order to support the ruble

Russian state-owned companies to sell their foreign exchange

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The Kremlin Russian state-owned enterprises instructed to sell part of their foreign money reserves. This is to support the ruble – and is already producing results.

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