Sberbank analysts allowed the ruble to fall further amid a possible government decision. The oilmen asked the authorities to allow them to buy back their shares from foreign investors at a deep discount; if this happens, exporters will reduce foreign exchange sales, which will seriously affect the ruble.
The ruble could weaken significantly amid a possible government decision on the right of oil and gas companies to buy back shares from foreign investors. About this he was warned by analysts from SberCIB Investment Research.
Oil and gas companies, including Lukoil, have applied to the government for permission to buy back their shares from foreigners at a 50% discount. Deputy Prime Minister Alexander Novak confirmed that several companies have approached him about this.
If the companies receive permission, they may reduce currency sales, which will negatively affect the ruble’s position, analysts say.
“In general, these types of transactions, the total volume of which can exceed 10 billion dollars (only Lukoil has 5 billion dollars), can create a negative context for the ruble, since expectations of further outflow of capital in the future,” says SberCIB. Investment research.
Under these conditions, the price of the Russian currency could fall as early as Thursday to 97 rubles per dollar, analysts concluded.
Author:
Kirill Bilyk
Source: RB
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