Bank of Russia to buy forex to counter oil price changes
Finance ministry orders central bank to sell or purchase forex
Russia's central bank will carry out foreign exchange (forex) sale and purchase operations at the direction of the country's finance ministry, the two institutions announced yesterday (January 25).
The forex operations will be in response to benchmark oil prices. Russia is a major exporter of oil and natural gas, and recent central bank plans have been based around world hydrocarbons prices.
The finance ministry said that the central bank will buy forex on the ministry's behalf if benchmark
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