Over-regulated FX market withstands breach of Minsk 2

Over-regulated FX market withstands breach of Minsk 2



4 червня 2015 года
ICU

As feared, pro-Kremlin militants and Russian army units launched an offensive attack on the small town of Maryinka near the city of Donetsk, a clear violation of the Minsk 2 agreement which had placed the city under the Ukrainian army's control. In response, the market pushed the Russian ruble down 2.76% to 54.3033/USD as Russia is now subject to harsher sanctions by the West. The offensive was seen as a provocation of war by some Ukrainian officials. If the hryvnia does not decline over the next few days, it could indicate that the NBU's regulation regime is so strict that it can withstand such negative developments. On a separate note, the NBU announced that it would extend its tight capital controls through the end of summer if not through early fall. We believe the market can withstand Donbas deterioration.

Источник: ICU

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