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account surplus of around $90bn this year if Urals averages $59/bbl (our current forecast). Moreover, the CBR will continue selling FX (yuan) under the fiscal rule. All in all, there should easily be enough FX liquidity for Russia to manage with this year's redemptions,” Sberbank CIB said in a note.
7.0 FX
RUSSIA -FX
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
Jan 22
Currency (units per EUR) (eop)
88.7
91.3
90.6
88.8
86.4
88.6
90.5
56.2
56.5
78.9
75.2
Currency (units per USD) (eop)
75.4
76.5
75.5
73.8
73.4
74.2
81.8
53.1
58.9
74.0
69.1
Currency (units per EUR) (average)
85.9
90.8
89.6
89.4
86.4
88.5
99.4
73.0
87.0
64.3
75.3
Currency (units per USD) (average)
73.6
76.2
74.3
74.2
73.0
73.8
88.9
68.4
77.0
63.0
70.0
82 RUSSIA Country Report February 2023 www.intellinews.com
