Russia FX Beat - April 18, 2018
The Finance Ministry did not resume FX interventions on Monday. If it did not do so yesterday and does not today either, this means it will have to ramp up interventions from $200 mln per day to more than $250 mln or even $300 mln to meet its $3.9 bln target for April. Hence the ruble could continue gradually depreciating, as internationals will likely buy more hard currency once the market learns that interventions have been resumed. Unless we see a repeat of the recent market turmoil, it is unlikely that the ministry will amend the FX intervention target, as this might damage its credibility.
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