Russia FX/Rates Snapshot - February 5, 2019
We expect the ruble to remain flat today. The most notable event will be the announcement of FX purchases for the next period (February 7-March 6) at 12:00 Moscow time. We see the "regular" purchases falling from R266 bln to R210 bln, mainly due to a drop in export duties, a 2% increase in the base oil price penciled in to the budget. We also expect no upward adjustment for the previous month (the additional oil and gas revenues that form the basis of the purchases were R45 bln higher than projected in December); however, the "additional" FX purchases (purchases forgone last year being made up) should keep the overall level unchanged. In daily terms, we expect a drop to $200 mln, given that the upcoming period will have 20 working days versus 17 in the current one.
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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