Russia: Foreign Reserves, the Rouble and Capital Outflows - Special Report - 2009/02/04 - Fitch Research

Report title: Russia: Foreign Reserves, the Rouble and Capital Outflows

from Fitch Research
8 page (10433 word) report published Feb 04, 2009

Price $275.00 available for immediate download

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...This special report examines the scale of the decline in Russia s official foreign exchange reserves (FXR) and to what extent it reflects private\01sector net external debt repayments or gross capital outflows. The recent publication of preliminary balance of\01payment figures for Q408 and the announcement by the Central Bank of Russia (CBR) that the process of managed rouble depreciation has effectively drawn to a close provide an opportunity to take stock. Fitch Ratings downgraded Russia s Long\01Term Foreign and Local Currency Issuer Default Ratings to BBB from BBB+ on 4 February and retained Negative Outlooks on the ratings. An important part of the rationale is the agency s assessment of the impact of the negative shocks to commodity prices and global capital markets, and the challenge to the Russian authorities in trying to manage the necessary macroeconomic policy adjustment. In particular, the scale and composition of the loss...

Report Type:

Special Report

Company(ies):

Government of Russia

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