Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
In December-January, the ruble rose against the US dollar by 9%, despite the growth of the American currency on the world market. The strengthening of the ruble occurred against the backdrop of adaptation to the new structure of foreign trade settlements after the sanctions imposed on Russian banks in November.
At the end of 2024, the trend on the stock market changed: the decline in the Moscow Exchange Index observed in the second half of the year stopped. According to the results of December-January, its growth was 14.4%. At the same time, the volatility of the stock market decreased: the RVI index fell from 55.6 points at the beginning of December to 34.3 points at the end of January. OFZ yields began to decline after the December decision of the Bank of Russia to keep the key rate at 21%.
Last year, gold in rubles rose in price by almost 45%, demonstrating the highest yield among Russian market instruments. Against the backdrop of high interest rates, money market funds and deposits, both in rubles and foreign currency, also showed yields higher than inflation.
In January, the situation changed: the most profitable investments were shares of construction companies, which recouped last year’s decline. Gold and ruble deposits continued to yield above inflation, while deposits in US dollars and euros showed negative returns against the backdrop of the strengthening of the Russian currency.
Read more in the next issue “Review of Financial Market Risks”.
Preview photo: leungchopan / Shutterstock / Fotodom
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