The fluctuations of the ruble against major foreign currencies were moderate in July. By the end of the month, the exchange rate slightly declined. Foreign exchange spreads contracted to levels seen between January and May 2024.
Yields on federal government bonds (OFZ) rose in July amid monetary policy tightening. On average, OFZ yields increased by 51 basis points along the curve. In conditions of higher interest rates in the economy, the negative revaluation of the Russian banking sector’s ruble bond portfolio increased by ₽486.4 billion from the beginning of 2024.
The MOEX Russia Index dropped for the third consecutive month, losing 6.7%. The reduction was attributed to persistent inflationary pressure and dividend payments made by several large Russian companies.
More details are available in the new issue of the Financial Market Risks Review.