On the Moscow exchange has accelerated the decline of the ruble. The Euro for the first time since 21 January 2016 rose above the 91 roubles, the maximum reaching 91,44 rubles, which is 2,634 rubles above the closing level yesterday.
Simultaneously, the dollar exceeded 80 rubles To the maximum, it rose to 80,536 RUB 1.93 rubles above the level of the close of trading on February 10.
The ruble’s decline accelerated after the head of the Central Bank Elvira Nabiullina promised that the Bank of Russia will not spend the currency reserves in order to decrease the volatility of the exchange rate.
“What are the conditions for volatility to decrease. The first — to spend gold reserves, but not all. This method of reducing exchange rate volatility is not supported”, — said Nabiullina at a meeting with heads of banks of Russia.
The head of the Central Bank explained that the foreign exchange reserves can be squandered very quickly, however, in the event of unfavorable external market conditions, primarily lower prices for oil, the volatility will be even higher still.
“We will come to the same situation, which was in the beginning, only with less gold reserves and with a large movement of course, which then deviates from a reasonable market rate,” Nabiullina added, warning that the Central Bank is currently preparing for a prolonged period of low oil prices and is reviewing previous macroeconomic forecasts.
During today’s trading on the stock exchange ICE futures price for Brent oil for delivery in April 2016 fell to $of 30.11, which is more than 2.3% below the closing level of the previous trading session.
16:25 Moscow time the price of a barrel of Brent on ICE was $30,19, the value of the dollar on the Moscow stock exchange — 80,46 rubles, Euro RUB 91,29
According to the updated forecast of Morgan Stanley, in January—March 2016 the average value of the dollar in Russia will amount to approximately 82 rubles, and in the last three months of 2016 will reach 87 rubles.