The Finance Ministry has earned 330 billion on the fall of the ruble
Continuing for the second month in a row the fall of the ruble, a record-scale for 1.5 years, brought significant profit to the Russian government, which holds its reserves in foreign currencies.In July currency "potbelly" of the Ministry of Finance, the Reserve Fund and national welfare Fund - become more by 83.3 billion rubles, said the Agency on Wednesday.
Almost all income growth in currency in which the invested reserves. The dollar in the past month rose by 1.6% and by early August was able to gain a foothold above 60 rubles. The Euro gained 5.2% and broke the mark of 70 rubles.
The result is a Reserve Fund brought the state a profit of 19.4 billion rubles. In the accounts of the Fund on August 1, was a 7.62 billion, of 6.71 billion euros and 1.1 billion pounds.
The national welfare Fund, consisting of 19.4 billion dollars, of 20.41 billion and EUR 3.83 billion pounds, up 63.9 billion rubles. The total size of the Fund, including investments in considering the contribution to Vnesheconombank, Russian banks ' stocks and infrastructure projects, reached 4,449 trillion rubles.
For two months, the income of the government on exchange rate differences reached 330 billion. As a result, the Ministry of Finance are fully compensated for losses from the foreign currency investments incurred in the first four months of the year, when the Reserve Fund and national welfare Fund cumulatively depreciated by 294 billion.
But this is not enough. The amount of foreign exchange reserves the government is still not up to the budgeted level, indicating that the Treasury required further depreciation of the ruble.
So, according to the amendments to the budget, which on 30 June was signed by the President of the Russian Federation Vladimir Putin, from the Reserve Fund up to the end of the year you plan to retire 1.06 trillion rubles.
The current size of the Fund by 54 billion rubles less. This means that the currency basket, which invested reserves should grow by another 5.3%, to reach the right government level. This could mean the dollar's rise to 63.6 ruble and Euro to ruble 74.5. The picture, however, can change the fluctuation of foreign currencies to each other.
At 17.10 GMT environment on the Moscow exchange, the dollar sold at 60,6825 of the ruble with a growth rate of 34 pennies compared to yesterday's close of trading. Euro rises in price by 54 cents, to 71,81 of the ruble, and during the session for the first time since November last year rose above 72 rubles.
August is the annual "curse of the ruble," said Rabobank strategist Peter, Mates: balance of payments seasonal weakening, the demand for currency increases, and its flow decreases. Since the collapse of the Soviet Union, the ruble only 4 times was able to strengthen in August, quoted by Bloomberg.
This time on traditional factors superimposed worsening of relations with the West and the adoption of new U.S. sanctions, says the head of brokerage operations of RosEvroBank Evgeny Volkov.
"The apparent stability very quickly replaced by the devaluation," he warns: after securing above 60 per dollar next wave will drop the ruble to the levels of 62-64 per unit of U.S. currency.
A powerful blow to the ruble will be the conversion of dividends "Gazprom" - the company will pay them on 3 August, after which the foreign securities holders will start to buy foreign currency, to bring profits to their jurisdiction, warns Sberbank CIB analyst Iskander Lutsky. According to him, in a short time on the exchange can buy up to $ 1 billion, which will inevitably push the ruble lower.
Continuing for the second month in a row the fall of the ruble, a record-scale for 1.5 years, brought significant profit to the Russian government, which holds its reserves in foreign currencies.In July currency "potbelly" of the Ministry of Finance, the Reserve Fund and national welfare Fund - become more by 83.3 billion rubles, said the Agency on Wednesday.
Almost all income growth in currency in which the invested reserves. The dollar in the past month rose by 1.6% and by early August was able to gain a foothold above 60 rubles. The Euro gained 5.2% and broke the mark of 70 rubles.
The result is a Reserve Fund brought the state a profit of 19.4 billion rubles. In the accounts of the Fund on August 1, was a 7.62 billion, of 6.71 billion euros and 1.1 billion pounds.
The national welfare Fund, consisting of 19.4 billion dollars, of 20.41 billion and EUR 3.83 billion pounds, up 63.9 billion rubles. The total size of the Fund, including investments in considering the contribution to Vnesheconombank, Russian banks ' stocks and infrastructure projects, reached 4,449 trillion rubles.
For two months, the income of the government on exchange rate differences reached 330 billion. As a result, the Ministry of Finance are fully compensated for losses from the foreign currency investments incurred in the first four months of the year, when the Reserve Fund and national welfare Fund cumulatively depreciated by 294 billion.
But this is not enough. The amount of foreign exchange reserves the government is still not up to the budgeted level, indicating that the Treasury required further depreciation of the ruble.
So, according to the amendments to the budget, which on 30 June was signed by the President of the Russian Federation Vladimir Putin, from the Reserve Fund up to the end of the year you plan to retire 1.06 trillion rubles.
The current size of the Fund by 54 billion rubles less. This means that the currency basket, which invested reserves should grow by another 5.3%, to reach the right government level. This could mean the dollar's rise to 63.6 ruble and Euro to ruble 74.5. The picture, however, can change the fluctuation of foreign currencies to each other.
At 17.10 GMT environment on the Moscow exchange, the dollar sold at 60,6825 of the ruble with a growth rate of 34 pennies compared to yesterday's close of trading. Euro rises in price by 54 cents, to 71,81 of the ruble, and during the session for the first time since November last year rose above 72 rubles.
August is the annual "curse of the ruble," said Rabobank strategist Peter, Mates: balance of payments seasonal weakening, the demand for currency increases, and its flow decreases. Since the collapse of the Soviet Union, the ruble only 4 times was able to strengthen in August, quoted by Bloomberg.
This time on traditional factors superimposed worsening of relations with the West and the adoption of new U.S. sanctions, says the head of brokerage operations of RosEvroBank Evgeny Volkov.
"The apparent stability very quickly replaced by the devaluation," he warns: after securing above 60 per dollar next wave will drop the ruble to the levels of 62-64 per unit of U.S. currency.
A powerful blow to the ruble will be the conversion of dividends "Gazprom" - the company will pay them on 3 August, after which the foreign securities holders will start to buy foreign currency, to bring profits to their jurisdiction, warns Sberbank CIB analyst Iskander Lutsky. According to him, in a short time on the exchange can buy up to $ 1 billion, which will inevitably push the ruble lower.
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