Goldman Sachs Group Inc. has hired Clemens Grafe as its chief Russia economist, according to two people with knowledge of the move.
Russian banks, the largest owners of domestic corporate bonds, are reducing holdings for the first time since 2008 to finance increased lending.
Russia’s ruble is posting the widest swings in three months as the economic rebound from last year’s record contraction spurs the central bank to move closer to letting the currency float.
Russia’s central bank may let the ruble strengthen more than the government wants as it balances a free float target with legislative demands for a managed currency, UBS AG and Commerzbank AG said.
"It's an acknowledgment they can't allow the extreme excess volatility in the ruble compared to the oil price that we saw in December."
- Clemens Grafe on Jan 15, 2015