In response to the Chinese and Greek crises, the Russian government is keeping a tighter lid on its currency, according to Bloomberg. The Bank of Russia purchased $200 million in daily reserves to increase the total amount to $500 billion, which may take anywhere from five to seven years, and Russia has only purchased $7.4 billion thus far. Finance Minister Anton Siluanov stated that Russia is prepared to prevent any volatility in the nation’s exchange rate. (adsbygoogle = window.adsbygoogle || []).push({}); In response to the Chinese and Greek crises, the Russian government is keeping a tighter lid on its currency, according to Bloomberg. The Bank of Russia purchased $200 million in daily reserves to increase the total amount to $500 billion, which may take anywhere from five to seven years, and Russia has only purchased $7.4 billion thus far. Finance Minister Anton Siluanov stated that Russia is prepared to prevent any volatility in the nation’s exchange rate. In response to the Chinese and Greek crises, the Russian government is keeping a tighter lid on its currency, according to Bloomberg. The Bank of Russia purchased $200 million in daily reserves to increase the total amount to $500 billion, which may take anywhere from five to seven years, and Russia has only purchased $7.4 billion thus far. Finance Minister Anton Siluanov stated that Russia is prepared to prevent any volatility in the nation’s exchange rate. The Russian ruble remains weak, but producers are benefiting from a weaker currency, as Russia hopes to spur the economy forward. read more
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