The central bank again support the ruble in billions of dollars
Published Urdinets Nikita - December 5th, 2014
During the first four days of December the Bank of Russia has already spent $ 2.6 billion to support the ruble, and with the start of trading on Friday, the Russian currency strengthened against the dollar and the euro by 3-3.5%.
Now the dollar is worth 52.69 rubles, euro - 64.84.
According to the official website of the Central Bank foreign exchange intervention conducted 1 and 3 December.
"If necessary, the Bank of Russia is ready to continue to make foreign exchange intervention without restrictions on the volume and pre-announcement," - said in a statement to the press service of the bank.
"To drive 45 will not be"
Analysts point out that the current actions of the Bank of Russia will have a very limited effect.
So, the head of the dealing center «Metallinvestbank" Sergey Romanchuk said that the central bank is now only stabilizes the exchange rate, not trying to return it to the level of 45 rubles to the dollar - a rate that the Central Bank considers himself a "fair" in the current macroeconomic situation.
"The central bank has clearly stated that he cancel the trading band, to target the ruble he does not want and objectives at the rate does not set. I believe that 45 to drive the ruble or somewhere else it will not. And he acts as appropriate, to bring down the panic and not allow it to develop, to prevent a run on deposits, the threat of the banking system, etc., etc. "- Analyst listed the motives of the Central Bank.
While the Russian currency control spending on the maintenance of the ruble in smaller quantities than it was in October - then one month has been spent more than $ 25 billion.
"Then every day he sold about $ 2 billion a day. This shows that, in general, saturation of exchange occurred. The growth of the dollar, which we have seen in previous days, was a relatively small amount, "- said Romanchuk.
blame speculators
From November 10, the central bank released the ruble "float freely", refusing to intervene in the foreign exchange market, but due to the further sharp depreciation of the Russian currency in December returned to this practice.
On Thursday, Russian President Vladimir Putin, speaking to the Federal Assembly, demanded that the Central Bank to take strict measures in order to "discourage the so-called speculators play on the movement of the Russian currency."
"The authorities know who these speculators, and tools of influence on them is. It's time to take advantage of these tools, "- Putin said.
Topic allegedly artificial collapse of the ruble and then continued the head of the Foreign Intelligence Service of Russia Mikhail Fradkov.
"The US and its allies seek to change the regime in Moscow by sanctions and attacks on the ruble and oil prices," - he said in an interview with Bloomberg.
According to Fradkov, foreign investment funds involved in the speculative attack on the Russian ruble.
"Any speculation include certain schemes, and these schemes have a number of participants," - said the head of the SVR.
objective reality
Neither Putin nor Fradkov did not specify who exactly they have in mind when speaking of "speculators attacking the ruble."
Sergey Romanchuk believes that these charges are baseless.
"I think these statements are designed for the masses in order to shift the blame for the fall of the ruble with the government on some foreign speculators-enemies. It's just rhetoric, "- said Romanchuk in conversation with BBC BBC.
According to him, the ability of foreign players in the Russian foreign exchange market in general are severely limited - because of the sanctions imposed against Russia.
"The sanctions have led to the fact that not only the prohibition of direct loans from Western banks, but also to the voluntary closure of the limits on any operations, including conversion. Accordingly, no market risks Western funds now available here can not - it is an objective reality "- explains the expert.
source
Published Urdinets Nikita - December 5th, 2014
During the first four days of December the Bank of Russia has already spent $ 2.6 billion to support the ruble, and with the start of trading on Friday, the Russian currency strengthened against the dollar and the euro by 3-3.5%.
Now the dollar is worth 52.69 rubles, euro - 64.84.
According to the official website of the Central Bank foreign exchange intervention conducted 1 and 3 December.
"If necessary, the Bank of Russia is ready to continue to make foreign exchange intervention without restrictions on the volume and pre-announcement," - said in a statement to the press service of the bank.
"To drive 45 will not be"
Analysts point out that the current actions of the Bank of Russia will have a very limited effect.
So, the head of the dealing center «Metallinvestbank" Sergey Romanchuk said that the central bank is now only stabilizes the exchange rate, not trying to return it to the level of 45 rubles to the dollar - a rate that the Central Bank considers himself a "fair" in the current macroeconomic situation.
"The central bank has clearly stated that he cancel the trading band, to target the ruble he does not want and objectives at the rate does not set. I believe that 45 to drive the ruble or somewhere else it will not. And he acts as appropriate, to bring down the panic and not allow it to develop, to prevent a run on deposits, the threat of the banking system, etc., etc. "- Analyst listed the motives of the Central Bank.
While the Russian currency control spending on the maintenance of the ruble in smaller quantities than it was in October - then one month has been spent more than $ 25 billion.
"Then every day he sold about $ 2 billion a day. This shows that, in general, saturation of exchange occurred. The growth of the dollar, which we have seen in previous days, was a relatively small amount, "- said Romanchuk.
blame speculators
From November 10, the central bank released the ruble "float freely", refusing to intervene in the foreign exchange market, but due to the further sharp depreciation of the Russian currency in December returned to this practice.
On Thursday, Russian President Vladimir Putin, speaking to the Federal Assembly, demanded that the Central Bank to take strict measures in order to "discourage the so-called speculators play on the movement of the Russian currency."
"The authorities know who these speculators, and tools of influence on them is. It's time to take advantage of these tools, "- Putin said.
Topic allegedly artificial collapse of the ruble and then continued the head of the Foreign Intelligence Service of Russia Mikhail Fradkov.
"The US and its allies seek to change the regime in Moscow by sanctions and attacks on the ruble and oil prices," - he said in an interview with Bloomberg.
According to Fradkov, foreign investment funds involved in the speculative attack on the Russian ruble.
"Any speculation include certain schemes, and these schemes have a number of participants," - said the head of the SVR.
objective reality
Neither Putin nor Fradkov did not specify who exactly they have in mind when speaking of "speculators attacking the ruble."
Sergey Romanchuk believes that these charges are baseless.
"I think these statements are designed for the masses in order to shift the blame for the fall of the ruble with the government on some foreign speculators-enemies. It's just rhetoric, "- said Romanchuk in conversation with BBC BBC.
According to him, the ability of foreign players in the Russian foreign exchange market in general are severely limited - because of the sanctions imposed against Russia.
"The sanctions have led to the fact that not only the prohibition of direct loans from Western banks, but also to the voluntary closure of the limits on any operations, including conversion. Accordingly, no market risks Western funds now available here can not - it is an objective reality "- explains the expert.
source
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