Russia FX/Rates Snapshot - March 5, 2019
The ruble is trading a bit lower this morning, which we consider mostly a correction from yesterday. We expect it to trade flat today. At 12:00 Moscow time, the Finance Ministry will announce FX purchases for the next period, from March 7 through April 4. On the back of higher oil last month, we expect "regular" purchases to climb by about R54 bln to R250 bln compared with purchases in the current period. In addition, taking into account the additional R2.8 bln of daily purchases attributable to making up foregone purchases from last year, we expect the CBR to buy a total of about R310 bln in the upcoming period, or about $220 mln in daily terms, which would be a moderate pickup from the current $190 mln and thus be unlikely to affect the market.
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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