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RUSSIA'S ECONOMY

Sberbank explains how currency interventions under recent oil prices may affect ruble

Purchases of the foreign exchange will provide an extra inflow of ruble liquidity but the Bank of Russia has instruments enabling sterilization of its surplus

A graffiti depicting Russian ruble Piotr Kovalev/TASS

A graffiti depicting Russian ruble

© Piotr Kovalev/TASS

MOSCOW, January 31. /TASS/. Currency interventions the Russian Finance Ministry will start in February will weaken the ruble by no more than 5-10% under current oil prices, Sberbank CIB said in its review on Tuesday.

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Sberbank CEO expects no ‘black swans’ in Russian economy next year

Purchases of the foreign exchange will provide an extra inflow of ruble liquidity but the Bank of Russia has instruments enabling sterilization of its surplus, the bank said. Therefore the difference between market rates and the key rate of the Central Bank will most probably remain approximately the same as now and currency interventions will not entail relaxation of monetary conditions.

Russian Finance Ministry announced earlier it will start buying and selling the foreign exchange on the domestic market since February.

"According to our estimates, the new currency intervention program may lead to weakening of the Russian currency by no more than 5-10% under current oil prices. Our calculations make possible to assume that inflation may accelerate by 1.3 percentage points against 10% ruble weakening and the tough monetary policy should offset such inflation effect," Sberbank CIB said.

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Gazprom delivered record high gas volume to Russian consumers in October

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Economic sanctions against Russia not working — top Hungarian diplomat

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North Korea probably launched ballistic missile, Japan’s coast guard says

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In Robert Gates opinion, Russia is capable of continuing its special military operation in Ukraine until it decides that its goals are met, and underestimating its ability to carry on "is a huge mistake"

US State Department says 10,000 North Korean soldiers deployed to Russia’s Kursk Region

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Ukrainian lawmaker Bezuglaya calls out ‘catastrophic situation’ in country’s army

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Press review: Turkey to mediate in Russian-Ukrainian conflict while IDF strikes Gaza

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Western military assistance to Ukraine tops 100 bln euros — minister

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Attacks on reserves and Ukrainian losses: situation in Kursk Region

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Press review: Putin highlights GDP growth while the Russian military claims top rank

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Prosecutor's Office deems activities of US-based business society undesirable in Russia

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Russian forces liberate settlement of Vishnyovoye in Donetsk People’s Republic

Japan’s defense minister says North Korea launched 7 missiles that flew 400 km each

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Southern sector of Ukrainian defense in DPR close to collapse — The Guardian

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US to hold 60th election of president, vice president on Tuesday

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Soyuz-2.1b blasts off from Vostochny spaceport carrying 55 Russian, foreign satellites

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Press review: Lavrov embarks on EU visit and Russia permits individual crypto mining

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Moscow calls on Seoul to refrain from sending weapons to Ukraine — diplomat

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Meta makes AI models available to US government for military purposes

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Kremlin spokesman denies Russia ships explosives across EU

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Treaty between Russia, North Korea corresponds to geopolitical situation — senior diplomat

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Russia’s Medvedev cautions next US leader against adding fuel to fire in Ukraine

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Putin to accept diplomatic credentials from 28 ambassadors of countries like Japan, Canada

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Ukrainian forces lose 11,800 soldiers on LPR borders in a week — military expert

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Ukraine attacks Belgorod Region with 20 munitions, two UAVs in one day

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AI predicts Harris’ victory over Trump

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Russian forces display ingenuity and unconventional tactics in liberating DPR — official

Donetsk People’s Republic head Denis Pushilin also emphasized that the enemy should not be underestimated, so as not to diminish the significance of Russian forces' achievements

Russia says Т-80 tanks of battlegroup East disrupt Ukrainian attack in South Donetsk area

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Germany ‘shamefully resigned’ itself to destruction of Nord Stream — Lavrov

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Swedish climate activist Greta Thunberg appears at a rally in Georgia

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Harris, Trump tie in Dixville Notch, starting election

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Putin meets with visiting North Korean foreign minister — Kremlin spokesman

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Azerbaijan, Iran hold joint naval drills in Caspian Sea

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