Russia enters 2020 with “one of most lucrative carry-trade currencies” in the world, Bloomberg’s Srinivasan Sivabalan and Aine Quinn report. “Five years after meltdown, the Russian government’s moves added to the strengthening of the ruble.
Finance Minister Anton Siluanov said that there is indeed no reason to believe that the Russian ruble will be unstable in the upcoming years.
Referring to a recent Bloomberg survey of 57 global investors, strategists and traders, the authors predicted that the Russian currency “is set to top the pack again in 2020, offering a safe haven amid concerns over the trade war between the USA and China.
HSBC Holdings Plc analysts as saying that the ruble may gain “as much as 7% from current levels”, and that the Russian currency is due to become a “beacon of light” among the emerging countries of Europe, the Middle East and Africa.
Back in December 2018, Russia’s Finance Minister Anton Siluanov predicted that the upcoming year would see the further stabilization of the ruble, saying that the Russian currency exchange rate is mainly affected by sanctions and fluctuations in energy prices.
While the ruble has been repeatedly hit over recent years by the impact of Western sanctions as well as falling oil prices, the Russian Central Bank responded by adopting a tough monetary policy and high-interest rates with an emphasis on stemming inflation.
Sputnik / ABC Flash Point News 2019.