Overview
- Finance Minister Anton Siluanov said aggressive monetary settings slowed price growth this year and set the stage for lower inflation next year.
- Siluanov noted the Bank of Russia has cut its key rate by a cumulative 400 basis points since June to 17%.
- The ruble rallied this week with the dollar dropping below 80 rubles, marking a notable appreciation in mid‑October.
- An Alfa‑Forex analyst attributed the move to macro stability, weak corporate demand for foreign currency, and reduced imports, adding the trend could persist at least until the central bank’s decision.
- The analyst also pointed to potential Finance Ministry sales of foreign currency and gold to cover part of the budget deficit and said outcomes at upcoming Bank of Russia and U.S. Federal Reserve meetings could sway the exchange rate.