The ruble has nowhere to grow // What rates and rates analysts expect in 2023
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2022 proved to be quite successful for the ruble and ruble bonds, despite the high volatility at the beginning of the year. This year, market participants doubt the continuation of the ruble strengthening trend, which may return to the levels of 75–80 rubles/$ against the backdrop of declining exports and growing imports. The 10-year OFZ yield could drop to 9% if inflation continues the decline that began in the second half of 2022. At the same time, analysts advise caution when investing in the debt market, as market uncertainty remains elevated.
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