Russian budget: Guiding for consolidation
The 2020-23 budget proposals suggest a likely unwinding of stimulus in 2021 in order to address the spike in the breakeven oil price and erosion of state…
Russia: Fiscal stimulus may increase further
Russian budget spending accelerated to 39% YoY in April on higher transfers to pension fund and regional budgets. This is likely to lead to a widening of…
Russia: Limited scope for further cuts
The Bank of Russia delivered the much expected cut but indicated that the scope for further easing is very limited. A number of positive developments need…
The ruble's 1.0% appreciation to USD in October took place amid a mixed capital flow picture: state sector, represented by ruble bonds (OFZ), saw…
Preliminary data on July balance of payments support our view that the 3Q19 current account surplus will be fully sterilized by budget-rule-related FX…
Why the ruble could be facing another bad August
Russia: May not need borrowing till year-end 2018
Sanctions on Russian debt ‘too risky’, says report
Record-low Rhine levels are another warning that supply chains must adapt
Listen: Will US-Japan FX intervention be effective?
THINK Ahead: This is what’s really keeping central banks up at night
Russia sanctions: Take it easy
