Bloomberg News

Russia May Sell $700 Million a Day to Support Ruble If Oil Falls

June 06, 2012

Russia’s central bank may have to sell as much as $700 million of foreign currency a day to support the ruble if oil prices continue to fall, Chairman Sergey Ignatiev said in St. Petersburg today.

Bank Rossii has sold about $200 million a day in the last three days to halt the ruble’s decline, Ignatiev said.

To contact the reporter on this story: Artyom Danielyan in Moscow at adanielyan@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net


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