Declines on the Moscow Exchange and statements at the Moscow Financial Forum. Financial Market Review for September 18

Anton Siluanov announced that the draft federal budget for 2026 and the 2027-2028 planning period will focus on facilitating monetary policy easing. Meanwhile, the head of the Central Bank stated that the ruble exchange rate could fundamentally remain quite strong.

Currency

The Chinese yuan rose on the Moscow Exchange during Thursday's trading session. By 7:00 PM Moscow time, the Chinese yuan was 11.70 rubles, up 2 kopecks from the previous close. The official US dollar-to-ruble exchange rate announced by the Bank of Russia for September 19 increased by 0.17 rubles to 83.17 rubles.

The official euro-to-ruble exchange rate announced by the Bank of Russia on September 19 increased by 0.68 rubles to 98.98 rubles. The Central Bank calculates official exchange rates based on credit institutions' reporting data on interbank conversion transactions on the over-the-counter foreign exchange market.

On the global currency market, the dollar index against a basket of six major currencies (DXY) rose and stood at around 97.3 points by 8:30 PM Moscow time. The Bank of England maintained its key interest rate at 4% per annum following its September meeting, according to the regulator's press release.

"At its meeting that concluded on September 17, 2025, the Monetary Policy Committee voted by a majority of seven to two to maintain the interest rate at 4%," the statement reads. It noted that two committee members voted to lower the rate by 0.25 percentage points, or to 3.75%.

In its final statement, the Central Bank notes that the committee remains focused on containing existing or emerging persistent inflationary pressures to sustainably return inflation to the 2% target over the medium term. A gradual and cautious approach to further easing monetary policy restrictions remains appropriate, the regulator believes. The Central Bank notes that it does not adhere to a predetermined monetary policy course, and the committee will continue to rely on incoming data.

Stock

The main trading session on the Moscow Exchange ended with declines in key indicators. The Moscow Exchange Index fell 0.7%, closing at 2,794 points. The RTS Index fell 0.9%, closing at 1,058 points. Russian Finance Minister Anton Siluanov announced Thursday at the Moscow Financial Forum that the draft federal budget for 2026 and the 2027-2028 planning period is aimed at facilitating monetary policy easing.

Central Bank Chairwoman Elvira Nabiullina stated at the forum that the ruble's exchange rate could be fundamentally quite strong. She also stated that several dozen Russian issuers are waiting for an opening to enter the stock market.

Key US stock market indicators showed upward momentum in the first half of the trading session. By 8:30 PM Moscow time, the Dow Jones Industrial Average had risen 0.4%, the S&P 500 had gained about 0.6%, and the NASDAQ-100 had risen 1.1%.

Oil

Oil prices fell on Thursday evening. By 8:30 PM Moscow time, Brent crude futures on London's ICE Futures exchange were trading at around $67.50 per barrel. By that time, WTI crude futures on the New York Mercantile Exchange were trading at around $63.50 per barrel.