Russia FX/Rates Snapshot - December 14, 2018
The CBR will make its rate decision today. We expect the bank to announce the resumption of regular FX purchases starting from January 15 and an intention to make up the foregone purchases, presumably in February. We also expect the bank will keep the rate unchanged. We think the decision has already been mostly priced in in ruble quotes, although trading will be muted ahead of the announcement, and the ruble could ease in line with overall EM weakness. After the decision, we expect exporters to meet to any increased demand for hard currency, and the ruble could firm to 66.20 or below.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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