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OFZs Set to Reopen This Week Following Friday's CBR, Stocks Remain Closed

RUSSIA

FX/FI MARKETS (FX Open, Stocks Closed)

  • Similar to last week, FX markets are open and stocks remain closed – but OFZs will open in line with Nabiullina’s phased reopening plan from Friday’s CBR.
  • Global risk sentiment is slightly weaker this morning on the back of rising oil prices as the war in Ukraine stretches into its 4th week (brent +3.42% at $111/bbl).
  • As expected, the CBR kept policy unchanged, pending greater visibility on incoming data for fresh changes.
  • Nabiullina noted that the current measures had brought stability to the system, while highlighting inflation and growth-related risks to the outlook and OFZ purchases in the pipeline as the bank adjusts policy on an ad hoc basis.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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