The Bank of Russia announced on Apr. 8 that the ruble weakened moderately in March as export sales declined and the Ministry of Finance suspended fiscal rule-based operations. Despite these changes, the ruble’s exchange rate remained close to its average for 2025.
The report notes that stock prices showed mixed results due to developments in the Middle East and fluctuating energy and gold prices. Securities from oil and gas companies rose by 9.3 percent, while those from metallurgical firms fell by 12.6 percent. In this environment, individuals sold shares of major oil and gas companies totaling ₽19.4 billion, increasing their long positions in oil futures by ₽26.1 billion.
Yields on government bonds (OFZ) continued to decline along with a key rate cut, dropping by an average of 41 basis points across the curve. Corporate bond yields also fell by 67 basis points on average. As a result, banks increased their issuance of bonds to securitize consumer loans. The Bank of Russia is considering stricter requirements for investments in such securities to prevent circumvention of macroprudential regulation.
According to the official website, cash in circulation managed by the Bank reached 18.6 trillion rubles as part of its currency management efforts. The central bank serves as the sole issuer of the Russian ruble and manages national cash circulation according to its official website. The institution operates independently with federal property status and exercises monetary authority apart from other government bodies according to official information.
The central bank’s objectives include promoting financial and price stability while fostering a competitive financial market according to its official site. Its leadership structure consists of a governor, deputy governors, and specialized departments as reported on its website. Official documents such as annual reports and financial analyses are published regularly for public access according to the central bank’s disclosures.
More details can be found in the new issue of the Financial Market Risks Review.
