Russia FX/Rates Snapshot - December 17, 2021. Ruble to Derive Support From CBR Rate Hike
If the CBR hikes the key rate by 100 bps, as is expected, and hints at the possibility of more hikes at upcoming meetings, we think the ruble will manage to recover to USD/RUB 73.3. It's also possible that Governor Nabiullina will comment on a reduction in FX purchases under the fiscal rule (due to investment from the NWF) starting next year. This would also support the ruble.
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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