The Analyst Advised Where to Invest in the Current Situation
We still recommend that the financial sector be treated with great caution, as it has suffered too much losses from the sanctions. In anticipation of an increase in imports and a decrease in retail prices, one can take a closer look at the papers of retailers. Perhaps in the near future they will trade better than the market,” Antonov said.
He added that dollars and euros are becoming a risky asset, as they can be blocked in foreign banks at any time - on the accounts of both state-owned companies and private businesses.
On May 23, the Ministry of Finance reduced the requirement for the mandatory sale of exporters' foreign exchange earnings from 80% to 50%. The regulator said that this was due to the stabilization of the ruble exchange rate and the achievement of a sufficient level of liquidity in foreign currency in the domestic foreign exchange market. The euro exchange rate on the Moscow Exchange on May 23 fell to 59 rubles for the first time since June 2015. At the same time, the dollar exchange rate fell by almost 5%, to 57.47 rubles.