Russia FX/Rates Snapshot - February 11, 2022. Extension of Pause in FX Purchases to Support Ruble
The ruble has weakened further this morning to trade at 75.3, while the dollar is advancing globally. Meanwhile, hopes for a ratcheting down of geopolitical tension did not materialize: the Normandy format talks yesterday lasted eight hours but essentially did not bring any results. In focus today will be the CBR meeting. In addition to hiking the rate, the CBR will likely comment on when FX purchases under the fiscal rule will be resumed. Given that the ruble has been unable to hold below USD/RUB 75 and that its volatility has begun rising again, the pause in these purchases will likely be extended.
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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