Russia: Putin has the power to make the ruble a very attractive currency – Rabobank

Economists at Rabobank analyze the Russian ruble outlook amid the impact of the Covid-19. President Putin could make RUB one the most attractive EM currencies.

Key quotes

“If President Putin decides to re-build his legacy by implementing the most comprehensive package of economic reforms since the collapse of the Soviet Union, the ruble has the potential to be one of the most attractive EM currencies in the coming years or even decades.”

“At this stage, we do not have a high conviction that a bullish long-term scenario for the ruble will unfold.” 

“The outbreak of the coronavirus pandemic has increased the risk of a new cold war between the US and China. This, in turn, does not bode well for the ruble.”