Russian Finance Minister Anton Siluanov said that the strengthening of the national currency would have happened without sharper currency purchases by the Ministry, reports Interfax.
Operation “devaluation”. Why the Finance Ministry proposes to weaken the ruble
Earlier it was reported that the Finance Ministry plans to spend in February for the purchase of foreign currency on the domestic market of additional oil and gas revenues in the amount of 113.1 billion rubles.
“If I hadn’t started to buy the currency, ( … ), the ruble began to strengthen more sharply than it is now. And then, suppose, a little bit of prices in foreign markets, or the outflow increased, and immediately would reverse course,” he said.
The Minister explained that the main goal of currency operations is to reduce the volatility of the national currency and the creation of a stable situation on the market.