The Bank of Russia continues to fight for the stability of the Russian banking system. Mega 5 times, from 2 to 10 billion dollars a day, increased the limit for the provision of rubles to banks by one of its effective financial instruments - currency swap. This is necessary to reduce the rates on the interbank market and speculative demand for foreign currency in the market.
"On the interbank market actually there was a shortage rubles. In fact, the interbank market imploded, banks have closed limits. Take credit in rubles can be under 30 percent. And the banks of the second, third round - even more expensive", - says the situation analyst at the investment department of VTB 24 Alexey Mikheev.
Currency swap - a combination of two opposite exchange transactions for the same amount with different dates of execution. Most of the transactions "currency swap" is the period up to 1 year. In these operations the Central Bank on Friday provided banks 212.838 billion rubles in exchange for $ 2.1 billion and 1.1 billion euros. Thus, the Central Bank stepped in force since 12 November 2014 rubles a limit on the amount of 2 billion dollars a day.
By the way, the Central Bank extended these restrictions several times, the last in effect until December 21, 2014.
"Increase the limit of 2 to 10 billion dollars to bridge gaps between interbank market rates with the key rate of the Bank of Russia", - explained in the decision of the Central Bank.
Earlier, the Central Bank has set its key interest rate at 17 percent, while rates in the interbank lending market, as has been known to reach 30 percent.
"On the interbank market actually there was a shortage rubles. In fact, the interbank market imploded, banks have closed limits. Take credit in rubles can be under 30 percent. And the banks of the second, third round - even more expensive", - says the situation analyst at the investment department of VTB 24 Alexey Mikheev.
Currency swap - a combination of two opposite exchange transactions for the same amount with different dates of execution. Most of the transactions "currency swap" is the period up to 1 year. In these operations the Central Bank on Friday provided banks 212.838 billion rubles in exchange for $ 2.1 billion and 1.1 billion euros. Thus, the Central Bank stepped in force since 12 November 2014 rubles a limit on the amount of 2 billion dollars a day.
By the way, the Central Bank extended these restrictions several times, the last in effect until December 21, 2014.
"Increase the limit of 2 to 10 billion dollars to bridge gaps between interbank market rates with the key rate of the Bank of Russia", - explained in the decision of the Central Bank.
Earlier, the Central Bank has set its key interest rate at 17 percent, while rates in the interbank lending market, as has been known to reach 30 percent.
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