In May, the value of securities declined in the Russian stock and debt markets, while the ruble strengthened against foreign currencies in the foreign exchange market.
The yield curve of federal government bonds (OFZ) continued to rise by 150 basis points on average in April. The yields were influenced by market expectations that high interest rates will persist for a longer period.
The ruble appreciated by 3.2%, reaching ₽90.1 per US dollar. This appreciation was driven not only by tight monetary policy but also by a 13% increase in net sales of foreign currency earnings by major Russian exporters.
More details are available in the new issue of the Financial Market Risks Review.