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’A rouble re-run
It’s also central bank run, of sorts.
Belarus news specialist The Telegraf reports that the nation’s central bank has stopped exchanging gold for Belarusian rubles. That’s after the National Bank of Belarus said the volume of gold and foreign exchange reserves dropped by $68m to $5,512m last month ahead of a widely-expected devaluation.
Russia, the oil opportunist
From Nomura’s Jim McCormick, net exports of oil as a percentage of GDP for a range of emerging markets. No wonder Russia plans to sell that Eurobond on Thursday.
Russian (currency) might
Here’s the rouble versus the euro, courtesy of Reuters:
The Russian currency has appreciated by about 10 per cent over the past three months. Received wisdom puts this down to the rising price of crude,
Sell the rouble
Interesting note on Russia from Barclays Capital on Tuesday (emphasis FT Alphaville’s):
Our understanding of the flows story has been that the massive run-up in the stock market was onshore driven – data show very limited participation on the part of foreign investors.
How do you say ‘oops’ in Russian?
Some curious rumblings out of Russia today.
First, there was a report in the Nikkei newspaper that Russian banks and businesses may ask foreign banks to restructure loans worth $400bn. The Japanese paper cited an interview with the Anatoly Aksakov,
Rumblings in Russia
Harsh winter, devaluation of the currency, protests.
No, not the UK.
We are referencing the chronic devaluation of the rouble and subsequent civil strife that is occurring in Russia. As Bloomberg reports:
Putin’s shrinking reserves
While addressing the World Economic Forum on Wednesday evening, Russian Prime Minister Vladimir Putin offered the following thoughts on the state of the global reserve currency system:
“The one reserve currency has become a danger to the world economy:
Rouble float likely?
From Beat Siegenthaler at TD Securities:
The CBR has confirmed Chairman Ignatiev holding a press conference at 6pm Moscow time (3pm UK). This is highly unusual and suggests that an important announcement will be made.
Russia devalues rouble again, but everything is just fine
Russia has allowed another mini-devaluation of the rouble – the sixth in five weeks – as the country’s economic outlook worsens, Reuters reported on Monday:
A central bank source confirmed the trading band had been widened again on Monday.
From Russia, with love
Pop (take a look at the 5yr chart).
RUSSIAN C.BANK INJECTS 148.8 BLN ROUBLES AT 7.08 PCT VIA ONE-DAY REPOS.
Related links
Moscow forced to shore up Rouble – FT