That helps to keep the ruble?

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Became famous for another reason of high demand for Treasury bonds. The Russians have found a lot of free money. The ruble is stable, despite the drop in oil prices.
This week the Ministry of Finance held an auction on placement of OFZ. For the first few months the office was able to occupy the market of 40 billion rubles. Part of the demand for Russian debt secured non-residents, but are actively buying bonds and banks under the control of the Central Bank. TRUST, ROSBANK, Open, PSB, and b & n has received from the Bank a total of 1.5 trillion rubles at rates significantly below market. A large part of the money in fact was free and the banks have decided to place all the money in the Treasury bond. Thus, it appears that the demand for government securities was provided by the printing press of the Bank of Russia.
Meanwhile, the research holding ROMIR has recorded a sharp increase in money available to the Russians. The so-called “index free money” in June jumped more than 23% compared to the previous month. In Remire counted that the average Russian cash in the pod is almost 30 thousand rubles. The cause of such unprecedented growth “index free money” is not entirely clear. Incomes of Russians in this period has not grown, and indeed the growth of the welfare of our compatriots, unfortunately, can not speak.
On this background the dollar exchange rate on the Moscow stock exchange is around 62 rubles and 25 kopecks, the Euro traded at the level of 72 rubles 40 kopecks. The MICEX index rose to 2340 points, and oil quotations of mark Brent decrease to 73 dollars per barrel. Bitcoins according to CoinMarketCap continues to trade in the area of 6300 dollars.
The ruble is incredible stability, despite the volatility of the oil market. The stability of the domestic currency give the actions of the Ministry of Finance for the purchase of foreign currency. On the one hand the actions of the Ministry of Finance should lead to an increase in the dollar, on the other hand they compensate for the impact of the oil market on the Russian foreign exchange market. Support the rouble have purchases of non-residents who are showing considerable interest not only to the Russian OFZ market, but also to the Russian actions. We will remind that this week the MICEX index recorded a new historical record 2380 points.
However, in our opinion is not worth much flattered. We continue to believe that the summer will be quite difficult for local currency. Most likely towards the end of summer beginning of autumn we see crosses into the district 65-66 rubles per dollar. Recall that the last recommendation was to buy the dollar is around 62 rubles.
Gleb Zadoya,
The head of the analytical Department of the company,