buying shares of oil companies from foreigners may weaken the ruble – Kommersant
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Deals by oil companies to buy shares from foreigners may create additional risks for the ruble, analysts say SberCIB Investment Research. They drew attention to the statement of Deputy Prime Minister Alexander Novak, who said that LUKOIL had applied to the government for permission to buy shares from foreign investors at a discount of at least 50%. According to Mr. Novak, other oil and gas companies also applied to the authorities with similar requests.
“Such companies certainly have currency for such transactions. However, it cannot be ruled out that by obtaining such permits, individual exporters may reduce sales of foreign currency. On the whole, such transactions, the total volume of which may exceed $10bn (LUKOIL alone has $5bn), may create a negative background for the ruble, as they will raise expectations of a greater capital outflow in the future. Under these conditions, the ruble may weaken even more and test the level of 97 per dollar on Thursday, ”says SberCIB Investment Research in an analytical review.
The Board of Directors of the Central Bank at an extraordinary meeting on August 15 raised the key rate to 12% per annum. Against this background, the exchange rate first strengthened at around 92 rubles/$, but then returned to the decline. Today, the dollar exchange rate during trading on the Moscow Exchange exceeded 96 rubles, the euro – 105 rubles.
On the weakening of the ruble and measures to support the national currency by the government – in the material “Kommersant” “The ruble was slowed down”.
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