A similar trend was observed in the ruble / euro pair. Such nervous behavior of the ruble is facilitated by its uncertain prospects. It's no secret that for a long enough time the exchange rate of the Russian currency is based on two "whales": world oil prices and carry-trade operations with Russian debt securities (OFZ). And if the first, oil "whale" is more or less understandable, at least until US oil shale oil flows to the market "out of all cracks", then the prospects of the second cause a lot of questions. The fact that things are not bad here, but very badly stated by the deputy chairman of the Central Bank, Ksenia Yudaeva. What the representative of the Bank of Russia told about can be regarded as a verdict for all Russian carry-trade, and with it, the ruble. In fact, it is a question of total flight from this market of foreign investors, which remained one of the most important sources of currency. According to Yudaeva, in April foreigners dropped Russian debt in the amount of about 100 billion rubles. This can be found at least some explanation, as investors acted in response to the introduction by the Ministry of Finance of the United States of sanctions against "Rusal". However, Yudaeva shocked the experts, saying that exactly the same amount was withdrawn by foreigners from Russian OFZ in May, when the rush around Rusal went down. The reason, she said, is the general trend of withdrawing investors' funds from emerging markets to the United States. By and large, we can say that the OFZ market with extensive carry-trade, which for a long time fed the country with currency, comes to an end. "The exit of foreigners from OFZ was connected with the imposition of sanctions against RUSAL and several other companies in early April," explained the deputy chairman of the board of Loko Bank Andrey Lushin. "These are the first really serious sanctions for a long time and they frightened investors, especially since the potential for further reduction of the Central Bank's rate has already been severely limited, the main decline was from 2016 to 2018 and it was interesting there for carry-trade. So his era is really coming to an end and that is why there was no active return of non-residents - now it is more reasonable for them to fix the profit previously received rather than to increase the positions of ". The danger of this situation is that under the impact of external objective factors, the ruble exchange rate, which is held at the expense of limited internal reserves. While these reserves are enough, but the problem lies in the fact that they could be found and more correct application, rather than the return of investments running to Russia, speculators. So, according to Yudaeva, the current market failure "was bought out" at the expense of pension accumulations of the population. The largest Russian banks bought out OFZ, reselling them subsequently to pension funds. The problem is complicated by the fact that by the end of May the share of foreigners in Russian debt securities is about 31%, down 3.5% compared with April. These figures point to two important points: first, foreigners own a third! !! !! of the total volume of these debt securities, and secondly, their share is sharply reduced, under the influence of the reasons outlined above. "The share of foreigners in OFZ is still quite high and this creates a threat of a massive dumping of securities," Vice-President of the Golden Mint House Alexei Vyazovsky told UTRO. - For example, in the case of new sanctions. With this it is necessary to do something. For example, to impose a Tobin tax on the speculative operations of foreign funds. Otherwise, all this threatens the ruble with a weakening ". To what has been said by the expert, let's add that now a massive outflow of funds from the public debt is possible without imposing sanctions. Investors around the world saw that investments in emerging markets had ceased to be effective and this, apparently, for a long time. And this, in turn, means that the share of foreigners in Russian debt securities will only decrease, until it approaches the zero mark. And this means that in the foreseeable future, the Russian market will take about $ 20 billion, which is a verdict for the ruble.