A record inflow of speculative capital from abroad in the foreign exchange and debt market of the Russian Federation turned the tide, according Finanz.ru with reference to the review of the Bank of Russia «the Liquidity of the banking sector and financial markets».
In April, the demand for currency jumped 1.5 times in comparison with the beginning of the year. Daily market turnover has taken almost $ 600 million, while the volume of net currency purchases (minus sales) were a record at least for 2 years.
As noted, Bank operations have made «some large market participants». They «buy currency in large volumes at a sufficiently attractive rate as on the spot market or through forward contracts.»
At the end of the month to buy connected non-residents, and operations were carried out at the expense of the credits received in the swap market.This suggests that foreigners are not just scaling down investments in rubles, but also probably open betting on its fall, the report says the regulator. Currency is bought at the expense of rouble loans, which can be returned when the dollar or the Euro will jump.
The volume of such operations in the beginning of the year was zero; the progressive growth began in March, and now the total has reached 0.5 trillion rubles (record at least since last October).
At the same time almost completely disappeared, foreign demand for Russian government bonds: in April, nonresidents bought OFZ only 4.5 billion rubles (after 196 billion in March).
«Such a small amount was due to increased geopolitical tensions and investor concerns about a possible downward correction of the ruble», — stated in the review of the Central Bank.
According to experts, Russian banks are increasing the amount of currency since the beginning of the year. The amount of foreign currency assets of banks abroad rose by $ 17 billion.