Capital controls and current account surpluses have allowed the rouble to strengthen. Relaxation of capital restrictions could lead to a possible increase in USD/RUB to the 100 area, ecnomists at Credit Suisse report.

Rouble supported by current account flows and capital control measures

“Russia’s capital control measures, adopted right after the US sanctioned the Russian central bank in late February are working.”

“A possible increase in USD/RUB (e.g. to the 100 area) could be triggered by further relaxation of the capital control measures.”

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