The ruble has supported the actions of the Central Bank of the Russian Federation
The Russian ruble has significantly delighted with the confirmation by the Central Bank of the Russian Federation of the intention to move smoothly in the direction of easing monetary conditions. The regulator clearly remains room for lowering the key rate by another 25 basis points before year-end, judging by the mood of the Bank of Russia, although from the point of view of the market, this excess skin.
Anyway, the key rate was lowered by 25 basis points and now stands at 7% per annum. Should I expect that I will go down interest rates on loans in domestic banks? You can hope, but the significant reduction we see is unlikely, the financial institution still earn great credits. But the reduction of interest rates on deposits is likely.
By the evening the dollar is reduced to 65,72 RUB and could close the week near 65,60 RUB Is, however, more like a momentary response than directional movement. Euro retreats to 72,62 RUB, more than we expected. So, the next bearish target will be the turn of RUB 72.50 per person
“Information-analytical center “Alpari”