Central Bank bought FX worth 0.5 trln rubles on currency market since May 13
MOSCOW. July 23 (Interfax) - The Central Bank of Russia has spent over 500 billion rubles buying FX on the currency market since May 13, 2015, the regulator said in information posted on its website.
The Central Bank purchased $200 million to replenish reserves on Tuesday, July 21, as it did in every other business day this month. The Central Bank bought $3.0 billion so far in July, $3.831 billion in June and $2.531 billion in May.
In other words, the Central Bank purchased a total of $9.362 billion on the currency market for 505.8 billion rubles in the May 13-July 21 period.
The Central Bank reported on May 13, 2015 that it would regularly buy $100 million-$200 million on the domestic market each day to replenish international reserves. "To minimize the impact on ruble exchange rate dynamics, FX purchases will be carried out evenly during the trading day. In case any substantial changes occur in the FX market, the volumes of the operations may be adjusted," the Central Bank said.
Central Bank Governor Elvira Nabiullina said on June 4 that "a very comfortable" level for the international reserves was $500 billion. Nabiullina said that the accumulation of reserves should be carried out gradually, only in such a way that would not contradict the main goal of monetary policy, namely the reduction of inflation in the medium term to 4%.