Texting is available for authorized users.
Please register or log in at the website.
Your request for online training has been sent. Cbonds managers will be in touch with you shortly. Thank you!

05/20/2019. E.Gavrilenkov and A.Kudrin: Monetary Policy: Financial Crowding-Out Set to Continue

Even though Russia’s pace of economic growth is far from what one can call a success, the country continues to present a very solid static picture in the environment of an elevated key policy rate (implying that short-term macroeconomic risks are low) – a quite favorable environment for bond investors.

The reserve accumulation by the Finance Ministry via FX purchases in line with the fiscal rule was an important factor that affects ruble liquidity on money markets. Indeed, the ministry spent over R1.2 trln to buy FX on the market since mid-January and announced that it will spend over R300 bln on FX purchases from May 14 to June 6.

The Finance Ministry has become a major player on the money markets – both in the ruble and FX segments – and it turned out that the ministry became the major supplier of the ruble liquidity to the markets already in 2017, while the Central Bank became a liquidity absorber.

further details: 200519-Monetary-policy-Financial-Crowding-Out-Set-to-Continue.pdf (236 Kb)
Cbonds is a global fixed income data platform
  • Cbonds is a global data platform on bond market
  • Coverage: more than 170 countries and 250,000 domestic and international bonds
  • Various ways to get data: descriptive data and bond prices - website, xls add-in, mobile app
  • Analytical functionality: bond market screener, Watchlist, market maps and other tools