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Swiss banking giant Credit Suisse in Zurich.

Credit Suisse Predicts a Significant Strengthening of the Ruble

Banking group Credit Suisse predicts a significant strengthening of the ruble and the resumption of Russian Central Bank purchases of foreign currency in the I quarter of next year, Bloomberg reported.

“The ruble will be stable in the coming months and exceptionally strong in the I quarter of 2016”, the Central Bank economist Alexei Pogorelov stated. According to him, in order to avoid excessive strengthening of the ruble in the I quarter, the Central Bank may buy about $8 billion.

Due to the stabilization of the exchange rate, the Central Bank will be able to cut interest rates by 50 basis points by the end of 2015. The regulator will have to restrain the ruble in the I quarter of next year against the backdrop of a seasonal decline in imports, according to Credit Suisse.

Since early October, the ruble appreciated by 6.4%. This contributed to the rise in oil prices. For the first time since August, the euro fell below 70 rubles., While the dollar approached a mark of 62 rubles.