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Putin Says No Dramatic Decisions to Be Made on Ruble Exchange Rate

RUSSIA
  • Russia won’t make any dramatic decisions to manage the ruble exchange rate, President Putin said at the Eastern Economic Forum, adding that the Bank of Russia was right to hike the key rate. He said that some exporters were reluctant to convert FX-revenue, and that attempts to move capital outside Russia affected recent ruble devaluation. Regarding fuel price growth, he said refiners and the government have agreed on steps to be taken in the domestic market.
  • Elsewhere, Russia’s offshore oil exports increased to 3.34m/bpd in September, more than in July and August, but still less than in June, Kommersant report.
  • There are no major data releases on the docket today. The CBR key rate decision is the highlight of the week. Our preview for the decision will be released later today.
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