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Russia selling reserves to support rouble

Dec 17 2014 12:05

Moscow - Russia's finance ministry is selling its foreign currency to support the ruble, a spokesperson told AFP on Wednesday.

"The finance ministry considers the ruble extremely undervalued and is starting to sell its left-over currency on the market," spokesperson Svetlana Nikitina said. She did not give details of the amount.

The rouble rose in value after the announcement by the ministry to 81.61 to the euro and 65.15 roubles per dollar.

"We'll do it for as long as it is needed," deputy finance minister Alexei Moiseyev was quoted as saying by Interfax news agency.

READ: Rouble crisis could shake Putin's grip

The finance ministry said it has around $7bn at its disposal to prop up the currency. It was not going to crack open a rainy day fund.

The intervention by the finance ministry comes after Russia's central bank has spent more than $10bn from its currency reserves to prop up the ruble since the start of the month.

At an emergency meeting on Tuesday the Russian government came up with a list of measures to stabilise the situation, economy minister Alexei Ulyukayev said.

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russia  |  economy
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