Outlook for resumed Central Bank FX buying to affect ruble exchange rate in Dec - Morozov
LONDON. Nov 8 (Interfax) - Expectations concerning a potential resumption in Central Bank FX buying will affect the ruble exchange rate in December, the head of the Central Bank's research and forecasting department Alexander Morozov told journalists on the sidelines of the Moscow Exchange forum in London.
"All of the questions [concerning a return to the market] will be discussed in December. It must be kept in mind that the market is also looking ahead. Therefore, they are also aware that there is a certain probability the Central Bank will return to the market in January. Therefore, the exchange rate in December will to some extent reflect the Central Bank's decision concerning January and February," Morozov said.
In the forecast calculations contained in the main monetary policy guidelines, the Central Bank assumes that these postponed purchases will be carried out over the course of three years, but this does not mean that is what the decision will be, he said.
Amid a spike in exchange rate volatility in September, the Central Bank decided to halt FX buying on the exchange until the end of 2018 in order to support the ruble.