Russia to Boost Purchases of Foreign Currency and Gold
Gold bars in bank vaults. Photo: X/ @dimsumdaily_hk
September 5, 2024 Hour: 8:34 am
President Putin said that the Russian economy will grow by at least 3.6 percent this year.
On Wednesday, the Russian Finance Ministry said that it will boost its purchases of foreign currency and gold by seven times as of Sept. 6.
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Authorities will allocate about US$1.98 billion for purchases of foreign currency and gold under Russia’s fiscal rule from Sept. 6 to Oct. 4. Respectively, the daily volume of purchases will equal US$94 million.
For the period from Aug. 7 to Sept. 5, a total of US$280 million was allocated to these operations, with daily purchases equaling US$13 million. In September, the Russian federal budget is expected to receive an additional US$1.85 billion in oil and gas income.
On Thursday, President Vladimir Putin said that the country’s gross domestic product (GDP) will grow by at least 3.6 percent this year. Last week, however, Finance Minister Anton Siluanov said he expects the Russian economy to grow by 3.9 percent.
“The Russian economy is developing steadily,” the Kremlin chief said at the plenary meeting of the Eastern Economic Forum in the port city of Vladivostok.
According to Rosstat, the state statistics committee, Russia’s GDP grew by 4.6 percent in the first half of this year, one percentage point more than in the whole of 2023.
“This is a good indicator for our economy. By the end of the year there will be a correction, but we can expect that we will at least repeat last year’s growth. Most likely, the growth will be higher,” Putin said.
teleSUR/ JF Source: Xinhua – EFE
