© Sputnik / Alexey Sukhorukov
The ruble continued gaining against major currencies on Friday, after accelerating growth on the news of the appointment of Mikhail Mishustin as Russia's new prime minister earlier in the week.
It was up 0.2 percent against the US dollar at 61.39 rubles, while gaining slightly on the euro at 68.29 rubles.The stock market posted solid gains at the beginning of the trading session. The dollar-denominated RTS index added more than one percent, reaching 1,635.58 points, while the ruble-based MOEX Russia Index rose to 3,189.24 points.
Analysts credit a positive market reaction to the changes in the Russian government."The government's likely focus on investment should support yields and the ruble's carry attractiveness," Sébastien Barbé, head of emerging market research at Credit Agricole, told Yahoo Finance.
"Once the ruble stabilizes, investors may feel the timing is right to add to the ruble carry trade," he added.
On Wednesday, Russian President Vladimir Putin signed a decree appointing Mikhail Mishustin as the country's new prime minister. That followed the resignation of the Russian government, after Putin's state-of-the-nation address earlier in the day, where he proposed a number of "fundamental changes" to the Russian Constitution.
Positive trade balances, self reliance in core agro and industrial production, increasing foreign exchange reserves, increase in gold bullion reserves, low external debt.
Based on self sufficiency, resource wealth and accumulated trade surplus, the Russians are far beyond most western nations whose debt to annual output exceed 100℅.
Research North America, Europe, Australia & Japan as examples of "creditor" nations that have far exceeded their ability to pay off their external debt and reliance on the USD ponzi scheme.