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The RUB/$rate remains determined by capital flows, which are sensitive to geopolitical risks, on our estimates. Sova Capital expects BoP fundamentals (CA surplus to also rise thanks to higher non-oil exports), tighter monetary policy, lower geopolitical risks and better EM sentiment to improve the RUB/$rate to 68.1 by YE21.
61 RUSSIA Country Report April 2021 www.intellinews.com
