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MOSCOW. Feb 3 (Interfax) - Forex operations by Russia's Finance Ministry beginning next week will help stabilize all key economic indicators, Russian Economic Development Minister Maxim Oreshkin said.
Russia's Finance Ministry will begin buying forex on February 7 and plans to allocate a total of 113 billion rubles of additional oil and gas revenue toward this goal, or 6.3 billion rubles a day.
"The operations on the forex market which the Finance Ministry will begin should lead to long-term stabilization of the dynamics of all key economic indicators, including inflation, interest rates, the exchange rate and the volume of final demand. In this way it will provide stable and predictable conditions for running business," Oreshkin said.
He also noted the "importance of continuing with the Bank of Russia's underscored policy to lower inflation and stabilize inflation expectations."
Earlier on Friday the Central Bank decided to maintain its key rate at 10% per annum and gave a tighter signal in regard to prospects of monetary easing in the next few months.
"We expect inflation dynamics to firmly decline this year to [the Central Bank's and Economic Development Ministry's target level] of 4%. And I believe the most important thing is to stabilize long-term inflation expectations around that level. I support the Central Bank's policy which aims for this," the minister said.
Russia's Finance Ministry will begin buying forex on February 7 and plans to allocate a total of 113 billion rubles of additional oil and gas revenue toward this goal, or 6.3 billion rubles a day.
"The operations on the forex market which the Finance Ministry will begin should lead to long-term stabilization of the dynamics of all key economic indicators, including inflation, interest rates, the exchange rate and the volume of final demand. In this way it will provide stable and predictable conditions for running business," Oreshkin said.
He also noted the "importance of continuing with the Bank of Russia's underscored policy to lower inflation and stabilize inflation expectations."
Earlier on Friday the Central Bank decided to maintain its key rate at 10% per annum and gave a tighter signal in regard to prospects of monetary easing in the next few months.
"We expect inflation dynamics to firmly decline this year to [the Central Bank's and Economic Development Ministry's target level] of 4%. And I believe the most important thing is to stabilize long-term inflation expectations around that level. I support the Central Bank's policy which aims for this," the minister said.
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