The ruble does not believe in the myth of major consolidation
The Ministry of Finance carefully return to the debt market. The head of the Branch is predicted “serious strengthening of the ruble.”
Today the Ministry of Finance of Russia very cautiously return to the market borrowings through the auction of Federal bonds. Investors will be offered securities in total, only 5 billion rubles. This is the minimum volume of supply over the last 3 years. The actions of the Ministry of Finance is more than justified, the fact is that to fully abandon the auction makes no sense. You have to at least try to implement such small amounts of government securities. At least in order to the investors have not forgotten that there is such a financial instrument.
Meanwhile, Maxim Oreshkin said that the ruble has a great potential to strengthen. According to the Minister, because of the rise in oil prices in the future quarter we are waiting for more inflow of foreign currency into the country than it was in the third quarter. The decrease in imports creates a gap in terms of a positive inflow of foreign currency. Because of the fact that exports will considerably exceed imports in the fourth quarter, the dollars will flow to the Moscow stock exchange. And in this Maxim Oreshkin sees good reason to strengthen the wood.
On this background the dollar exchange rate on the Moscow stock exchange is kept around 66 rubles 15 kopecks, the Euro is trading at 76. The MICEX index fell to 2445, paragraphs, and quotes of Brent oil kept close to 85 dollars per barrel. Bitcoins according to CoinMarketCap fell just below 6600 dollars per unit.
The gradual strengthening of the domestic currency continues, in many respects it is connected with growth of oil prices. However, statements of the same Maxim Oreshkin we can’t agree. We believe that in the current environment, despite the fact that the Central Bank refused to purchase currency in the market, despite a significant excess of exports over imports in the fourth quarter, a substantial strengthening of the ruble to wait until the end of the year is not worth it. In General, we have become accustomed to the fact that if our financial authorities are saying that the ruble will grow, most likely he will fall, if they say it will fall, the more likely we’ll see his growth.
The head of the analytical Department of the company,