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Oil & gas revenue will dictate Russian FX intervention in FX in 2023, but in yuan, not USD

Oil & gas revenue will dictate Russian FX intervention in FX in 2023, but in yuan, not USD

ICYMI, Reuters with the info overnight citing two anonymous sources.

  • Russia stopped intervening on the FX market in February due to restrictions imposed on its use of foreign exchange reserves after it sent tens of thousands of troops into Ukraine.
  • Interventions will resume next year in yuan, the two sources told Reuters, provided that revenues from oil and gas exports exceed 8 trillion roubles as set out in budget plans.
  • "The central bank can currently now buy yua... Read More
Posted: Dec 22 2022, 21:53
Author Name: forexlive
Views: 070190

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