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Here are a bunch of factors why the ruble is strong. In my opinion, this situation is temporary. There will be a reversal. I think when the rate is cut again by 100 basis points in July, by around August, the ruble will gradually start to weaken.
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And then we’ll return to our familiar 95–100. The Finance Ministry knows better how far to devalue the ruble to make the budget work. But obviously, that will definitely happen. There’s no avoiding it.
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You're looking at such a long horizon for the interest rate, it's very difficult. The world is so turbulent that even a month is a long time. I think, most likely, they will keep the rate unchanged and say they will continue to monitor the trend of slowing inflation, but the Central Bank is ready to raise the rate if inflationary pressure in the Russian economy intensifies again. This is roughly the scenario I expect. In response to the question: "I understand it's still quite early to make predictions about the next Central Bank meeting, but if the decision is made based on behind-the-scenes situations, intrigues, internal power struggles, what forecast would you make for the next meeting on July 25? What will they do with the rate? Will they keep lowering it?"
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They are trying to scare us by saying there will be no sanctions, look, Hungary and Slovakia have blocked new sanctions. Well, let me give you a forecast: another week or two, 1-2 weeks, and there will already be the 18th package of sanctions. That is my simple forecast. 18th package of sanctions against Russia
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As of now, the way we see it, we won’t even reach a hundred by mid-summer. The ruble-to-dollar rate won’t reach 100 rubles per dollar by mid-summer.
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Literally yesterday, the issue of capping the price of Russian oil was being discussed, lowering the cap from 60 to 45... The G7 meeting is supposed to start on Sunday or Monday, where they were expected to agree on this new price cap of 45 dollars, and then the European Union was supposed to support it by the end of June. But today, the oil price has already gone up — it's already 75 dollars per barrel, instead of 60-something — and now, it seems to me, they won’t dare to lower it to 45.
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To answer your question, the rate will be raised to 23-25%, but it will be raised a bit later because you can’t spoil the timing. Referring to the key interest rate in Russia.
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