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вторник, 7 июня 2016 г.

Two-faced Janus

The government appealed to the two-faced JanusBuy US bonds - please Russia - in any case,The Ministry of Finance published a declaration of the aims and intentions for 2016 states, in particular, the agency plans to complete work on the draft law designed to restrict the illegal withdrawal of capital abroad, as well as improving the rules of currency regulation.
 
On the need to limit the outflow of capital from Russia say a long time. In 2014, the Kremlin announced the launch of Anti- offshore campaign, ordered the government to develop a number of regulations that prevent the outflow of funds abroad. In addition, since 2007, the Government conducts offshore amnesty, which also contribute to capital repatriation. It should be noted that the measures bear fruit: in the past two years marked a return outflow of funds from offshore companies in Russia. Many offshore companies have begun to return to the direct ownership of the Russian beneficiaries.According to statistics from the Central Bank, the volume of private sector output abroad means reduced: if at the end of 2014 brought a business abroad 151 billion dollars, in 2015 this figure had fallen more than doubled - to 56.9 billion.


Speaking of illegal withdrawal of funds abroad, representatives of the Ministry of Finance is meant including the withdrawal of income from the companies under tax by using fictitious contact with foreign counterparts - the money transferred abroad under the guise of advance payment for the delivery of a non-existent product. To combat such schemes legislation was adjusted back in 2010: non-payment of revenue was equated to money laundering.However, struggling with the withdrawal of capital abroad by individuals and enterprises, the Ministry of Finance and the Central Bank are trying not to attract public attention to the fact that a major exporter of funds abroad is the state itself. The main item of expenditure in this case are investments in US government bonds.Since 2008, Russia is on the list of states that have the most significant financial assistance to Washington - in a year of crisis our country has increased its investments in US government bonds from 32 billion to 116 billion dollars. This level was maintained until recently. Against the background of deteriorating political relations with the US and the growing scarcity of its own budget, Moscow began to gradually reduce the amount of external loans.However, to say that the Russian "reset" US securities, is not necessary. According to the US Treasury Department, only in January 2016, the Russian government transferred US $ 4.8 billion to colleagues. In total, Russia now holds US government bonds by about 96 billion dollars. For comparison, in support of the national economy the Ministry of Finance spent last year 269 billion rubles - less than the support of the US, and the total foreign exchange earnings from oil exports abroad was at the end of last year, 89 billion dollars.
 
Apologists such tactics go on about the yield of the US Treasury - indeed, if interest rate increases by the Federal Reserve rates on them grow. Currently, the US Fed fuels the interest of investors in government bonds of debt, spreading through the press rumors about the imminent increase in the key rate and thus trying to stop foreign governments, planned sales of US securities (primarily of Treasuries began to get rid of China). Such verbal intervention has already made an impression on the Minister of Economic Development of Russia Alexei Ulyukayev, who on May 31 said that he expects the Fed raising rates in the near future.It should be noted that, when Russia tried to resort to external borrowing, issuing at the beginning of 2016 international bonds, the US Federal Reserve has extended among US banks ban on the purchase of Russian bonds.Acquisition debt of a foreign state is not really a mediocre financial instrument, as claimed by proponents of such steps, and entails a complex political consequences for both parties. After all, it is clear that the power of return on investment in this case is impossible, as in the case of direct lending to one state by another.An illustration of such claims is the story with the purchase of US debt Riyadh in 1974, the details of which were disclosed public only now. The Saudi King Faisal of Saudi Arabia has agreed to invest in the US economy of $ 116.8 billion only if the American side a number of conditions, one of which was to keep the agreement secret. In addition, the monarch asked to provide the country's military and logistical support. Russia also invests budgetary funds in the economy are hostile to our state, without requiring any concessions from him.One of the ideologists of buying US bonds is Alexei Kudrin: in 2007-2008, he argued that if direct money to the development of the Russian economy, they will be stolen, and offered as an alternative to invest state funds in foreign securities.Now that Alexei Kudrin, was promoted to vice-president of the Economic Council under the President, he will most likely begin to lobby for an increase in the share of foreign investments of the Russian Federation.Unfortunately, the withdrawal of funds abroad - part of the Ministry of Finance and Central Bank policy aimed at mindless reduction of money supply in the country, which ultimately hinders the development of the real sector. Yes, in terms of rapid economic growth of surplus money, the excessive availability of credit can actually cause the formation of "credit bubble" (this, for example, fears Beijing), but we have a completely different source data. Liberal economists was organized in the Russian financial "Drought" under the guise of the fight against inflation - is a permanent reduction in the money supply by using high key rate and the withdrawal of funds abroad. Until 2014, Russian companies out of the situation by resorting to foreign borrowing, but after the introduction of Western anti-Russian sanctions, and the channel for funds for the development of the business proved to be blocked. In such circumstances, we expect a significant performance boost the real sector of the Russian economy is not necessary.Read the "Russian world".

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