The ruble remains stable despite the drop in rates by the Central Bank of the Russian Federation

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Rosstat has published an interesting statistics on the income of the Russian population. According to the vowel of the statistical authority of the country in January, the average salary jumped by 13.7% in February to 12.1% in comparison to 2017. Income increased not only nominally, but really, adjusted for inflation, by as much as 9.7 percent after two months of this year. This increase was due to the huge investments in public sector wages ahead of elections. In January wages in the scientific organizations jumped more than 20% of the teachers received an increase of almost 18%, doctors almost 28%. But most fortunate are workers of libraries, museums and other cultural facilities, where salaries jumped more than 40%.
Meanwhile, the fed raised its key interest rate to 1.75%. In its press release noted that the prospects of the us economy has improved. The fed has revised its forecasts for GDP growth, during current and next year. However, investors saw some reasons for concern. The fact is that if earlier it was expected 4 rounds of rate hikes this year, and now many of the participants lay only 3 upgrades. But the Bank of Russia today the bottom rate by 0.25%.
On this background the dollar exchange rate is at the level of 57 rubles 20 kopecks, the Euro rose to the level of 70 rubles 55 kopecks. The MICEX index dipped to 2280 points, quotes of Brent crude oil strengthened on the eve of almost $ 70 per barrel. Bitcoins according to CoinMarketCap continues to trade in $ 8,500.
The confrontation in the middle East and the fed rate hike, which led to the sale of the us dollar, supported by quotes of black gold, which reached on the eve of max since the beginning of February. This morning, we see a gradual rollback of quotations. However, it is likely that in the near future we will update highs for oil and overcoming the level 71 USD per barrel of Brent. All this is of course very positive for the Russian currency. Another positive factor for the ruble is tax week, that sure step is sweeping the country.
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Gleb Zadoya,
The head of the analytical Department of the company,
ANALYTICS Online