The central bank in August stopped buying foreign currency until the end of the year to avoid aggravating pressure on the rouble, which tumbled past 100 to the dollar in August and September.
"From January 2024, the Bank of Russia is resuming operations on the domestic foreign currency market connected to replenishing and using National Wealth Fund (NWF) funds, including taking into account all operations carried out with NWF funds in 2023," the central bank said in a statement.
"Therefore, from the start of 2024, the central bank will not buy foreign currency (what it did not buy in August-December), but will increase its sales," Suvorov said.
The rouble did not react on Monday, continuing to hover near the more than five-month high it hit last week.
The central bank conducts those operations on behalf of the finance ministry, which resumed its interventions in January after a hiatus of several months, shunning what it terms "unfriendly" Western currencies in favour of China's yuan.
Persons:
Yevgeny Suvorov, Suvorov, Elena Fabrichnaya, Alexander Marrow, Mark Trevelyan
Organizations:
Bank of Russia, Wealth Fund, Thomson
Locations:
Russia, Ukraine MOSCOW, Russian