The ruble is preparing for the collapse, the prices of government bonds fell sharply
The Ministry of Finance found where to buy the currency. Prices for government bonds fell sharply. Together with them under pressure and got the ruble.
The Ministry of Finance has announced plans on purchase of currency for the forthcoming month. From 7 September to 4 October, the Minister Anton Siluanov will buy the currency almost 427 billion rubles. However, these purchases will be made, not as was done previously on the market, and will simply be purchased from the Central Bank, without further conversion on the Moscow exchange. Thus, it appears that two of the mega-regulator will simply shift currency from each other from pocket to pocket. The Finance Ministry would be a bit more dollars, and the Bank will become a little more rubles.
He puts it in front of a CBA task in the future, the exchange of rubles for dollars not yet entirely clear.
Meanwhile, quotations of state bonds have fallen sharply. Russian Federal loan bonds index RGBI has fallen to the minimum values in December 2016. Market participants attributed this event with the statement of Elvira Nabiullina about a possible rate hike. In other market laid such a scenario before, but treasuries did not react to it.
On this background the dollar exchange rate on the Moscow stock exchange rose to 68 rubles 35 copecks, the Euro traded at 79 rubles 20 kopecks. The MICEX index bounced up to 2,335 points, and quotes of Brent oil is back below $ 78 per barrel. Bitcoins according to the website CoinMarketCap is close to $ 7,000.
The situation on the Russian currency market looks pretty threatening. On the one hand everything is absolutely clear that the ruble has fallen too much. However, if you look at the dynamics of emerging market currencies, it looks quite natural. Loss of interest of foreign investors to Russian securities, the sanctions the United States and turbulence in emerging markets put pressure on the ruble and it seems that market participants are already mentally prepared for growth above 70 rubles to the dollar.
If the willingness for such an event is extremely high and the probability of this scenario. However, it is not professional participants of the financial market, we would not recommend to take any hasty decision on the purchase of foreign currency, and still looked to the opening of transactions on the us dollar only after the correction to the levels of 65-66 rubles.
The head of the analytical Department of the company,