It's Time for Russia to Sell Expensive Ruble, Credit Suisse Says
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Russia’s budget revenue is suffering because the ruble is overvalued relative to oil prices and policy makers should weaken the local currency by restocking the nation’s reserves, Credit Suisse Group AG said.
“The central bank definitely has room for maneuvers until the ruble hits 80” per dollar, Valery Pushnya, the head of emerging markets in Europe, the Middle East and Africa at Credit Suisse Group AG in Moscow, said in an interview. That’s 17 percent weaker than its current level. Russians watched the ruble collapse beyond that level at the peak of the country’s market turmoil a year ago “and nothing happened,” he said.