Summary:
- Russia's reserves have declined significantly to prevent reduction in ruble's value
- Depreciation was due to reduction in in oil prices
From... Deutsch Bank Morning Comment:
Headline: CBR Reserves Contract by Over $8B USD in the Week Ending 10 July
- Russia's forex reserves declined by $8.4B USD to reach $4007B
- Valuation effects not significant – implies that the change in CBR reserves was due to interventions by the CBR
- Last week marked by sizeable ruble depreciation due to reduction in oil prices
- CBR intensified Forex interventions; $2B to support ruble
- Implies further reduction in CBR reserves
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