BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/33
As a result, the CBR does not expect excessive forex demand in the final months of this year to pay off foreign debt. It noted bank and non-bank firms currently hold about $135 billion in liquid foreign assets. Russia can also pay down foreign debt out of its current account surplus. The CBR now projects a current account surplus of $20–28 billion for 2015, if the oil price stays in the range of $40–60 a barrel. The CBR also said it has $14 billion in untapped funds it can make available as forex repo credits.
With foreign debt-servicing payments set to peak in September and falling oil prices depressing the ruble, forex markets have become quite skittish in recent weeks.