The Ministry of Finance to stabilize the ruble
This week, the Finance Ministry has cancelled the placement of OFZ issues, this had a positive impact on the debt market and the exchange rate. Three days OFZ grew by 2%, while the ruble strengthened 3%.
In our opinion, the placement of OFZ for individuals at the moment is a good idea. The volume is small, and the placement among individuals will not have the pressure on the debt market as a whole.
Against the background of recovery of the ruble is quite possible next week, the Ministry of Finance returns to the OFZ placement among wide range of investors – annual plan to execute. Much will depend on the dynamics of the ruble tomorrow and the decision of the Bank of Russia rate on Friday, reaction to the regulator’s decision as a litmus test, will show the General mood of investors and their willingness to buy new issues of OFZ.