POLL-Russia to increase FX purchases in April as oil prices rise

By Kitco News / April 02, 2018 / www.kitco.com / Article Link

* reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=RUDMIN%3DECIMOSCOW, April 2 (Reuters) - Russia's finance ministry isexpected to increase purchases of foreign currency in April asoil prices rise, according to a Reuters poll.The median forecast of 12 analysts polled by Reuters was forthe ministry to buy the equivalent of 233.5 billion roubles ($4.06 billion) between April 6 and May 8, up from 192.5 billionroubles in March.Analysts expect the finance ministry to buy the equivalent,on average, of 11.1 billion roubles per day during this period.Stanislav Murashov, an analyst with Raiffeisenbank, said thereason for the bigger forex purchases is an increase in theaverage price for Russia's Urals crude blend to $64 per barrelover the last month from $63.3 in February."Also it is a positive seasonal factor; in April oil and gasbudget revenues, with all else being equal, are usually slightlyhigher than in March," he said.Urals traded near $67.70 a barrel on Monday.The finance ministry, which started buying foreign currencyearly last year to beef up its reserves, is set to publish itsFX intervention plan on April 4.($1 = 57.4970 roubles) (Reporting by Polina NikolskayaEditing by Christian Lowe and David Evans)

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