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. Last Updated: 07/27/2016

Ruble Printing Plans

MOSCOW -- Russia will try to avoid printing rubles to bridge its budget gap in May and June but will turn to the presses to make foreign debt payments, acting Finance Minister Mikhail Zadornov said Thursday.

"We do not expect ruble emission in May and will try to get by without it in June, except for payments on foreign debt," he said at a news conference after a government meeting.

Zadornov said 11 billion rubles ($445.3 million) had been printed since the beginning of the year until Thursday to support the budget, which allows for a total of 33 billion.

The government is paying foreign debt largely with the Central Bank's hard currency reserves.

Meanwhile, the Central Bank said Thursday that reserves slipped to $11.3 billion on May 14 from $11.6 billion on May 7.