Russia FX/Rates Snapshot - March 20, 2020
The ruble seems to be stabilizing and should be shielded from a potential sharp drop in oil prices in the near term. We therefore expect the CBR to leave the key rate unchanged at today's meeting. However, we expect the regulator to announce the resumption of its FX repo operations and its provision of asset-backed loans to Russian banks, which would help maintain a healthy level of FX liquidity and make it easier for Russian companies to refinance their foreign debt (according to CBR data, their scheduled debt payments this year total around $31 bln in principal and $10 bln in interest). If the situation in global markets remains relatively calm, the ruble could extend its gains and return to the 77 mark.
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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