Bank of America advises to buy roubles

The Bank of America Merrill Lynch Research (BofA-ML) recommends the Americans to buy roubles when they are 'at the bottom' and wait for its restoration in the IV quarter of 2016.

'Today we are looking at the countries of EEMEA region (Eastern Europe, Middle East and Africa) carefully given drop of oil prices. Beside that, rouble is under pressure of seasonal factors in the III quarter. And we expect that in the IV quarter the situation will improve', the report says.

'Beside that, according to our estimations, the Russian Central Bank will keep to more tough monetary and credit policy, than we had forecast before. It presupposes lower inflation and increase of real interest rate up to 4% next year, that is relatively high level given negative returns in the world,' analysts added.

Thus, the Bank of America believes that rouble will soon hit the bottom and then start restoring against growing oil.

Also read: Russia becomes world's largest buyer of gold


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