Everyone remain calm - this is the devaluation | Forex Market | KM.RU Business and FinanceAs you can see the song is the same as a year and two and three and ten years ago.
Dear ruble was "a mistake"
Strengthening of the ruble found "error." This was stated by Finance Minister, Deputy Prime Minister Alexei Kudrin. According to the minister, entrenched ruble contributed to "reduce our competitiveness, the competitiveness of our domestic economy."Kudrin said that the strengthening of the ruble was in vain. "We made the most profound strengthening of the currency from the" big twenty ". This is the first major sign of our (commodity) dependence" - quoted Kudrin news agencies.
At the same time Kudrin believes that it was necessary to devalue the ruble is stronger than it did at the beginning of the crisis. "The measures we have taken have been half-hearted" - he said.The last sentence - home. From May 2008 to January, the Russian national currency dived to the level of 24 rubles to the dollar to around 36 rubles. The main part of her fall at this time is called "smooth devaluation."Russian Prime Minister Vladimir Putin later explained that the ruble could bring down more sharply, but "imagine what would have been a panic in Moscow exchangers?" - He exclaimed.
Central Bank of Russia has accelerated the devaluation of national currencyThe official euro exchange rate set by the Central Bank on December 19, amounted to 39.7798 rubles. Thus, the day the European currency has risen by more than a ruble, but could not overcome the mark of 40 rubles. In trading on the MICEX this psychologically important milestone was passed during the trading session on December 18. In some Russian exchangers euro also exceeded 40 rubles.
The official dollar exchange rate on December 19 will be 27.6095 rubles. That's almost nine cents more than the previous day.The simultaneous increase of the Central Bank of the dollar and the euro means that the fluctuation corridor currency basket (0.45 euros and 0.55 dollars), in which the Bank held back the fall of the ruble, has been significantly expanded. What is its upper limit is still unclear.The sharp appreciation of the euro is partly due to the fact that the world market of the European currency continues to appreciate against the dollar. Only in the last days, she has strengthened a few cents and is trading at $ 1.45.
Source: Lenta.ru
The purpose of this policy, the Central Bank:
A. Keep the decrease in gold reserves.But as you know, these measures did not stop the central bank reduced reserve of pollutants. If on November 7, they accounted for 475.4 billion dollars, on December 5 - 437 billion dollars.Two. Saving income exporters of hydrocarbons and metals in the environment of falling prices for oil and metals, due to lower labor costs in the country.The three largest oil producer in Russia - "Rosneft", "Lukoil" and "Gazprom oil" - reported on the record profits received for the first nine months of 2008. The latter is made a subsidiary of "Gazprom" - according to the company, for three quarters of net profit of 5.2 billion dollars, up 84.5 percent more than during the same period last year. Proceeds of "Gazprom oil" has risen by 86 percent to 27.32 billion dollars.Despite the significant increase in net profit, "Gazprom oil" is still not able to overtake on this indicator of its competitors. In early December, "Rosneft" and "Lukoil" reported that their net income was $ 10.76 and $ 10.3 billion.Three. Reducing the real cost of state social programs already designated by cheaper rate.
What will save the state on social programs, due to cheaper ruble, bude clear at the beginning of next year.
The fact that such a trivial puzzle solves today the Central Bank confirmed the information about the high profits of oil companies.
The devaluation of the Russian oil brought 800 billion rubles
The weakening of the ruble against the dollar and the euro has brought Russian oil companies since August 2008 about 800 billion rubles. About this newspaper "Vedomosti".
According to "Rosneft", which results in the publication, for the growth of oil exporters dollar per ruble is equal to the price of fuel increased by five dollars. According to the vice-president of "Rosneft" Peter O'Braena, taking into account the devaluation and export duties align the company is working "at a cost of about $ 70 a barrel."
Recall, the devaluation of the Russian currency held by the Central Bank since November 2008. At that time, the value of the currency basket (0.45 euros and 0.55 dollars) amounted to little more than 30 rubles. However, in early 2009, its price is higher than 40 rubles.
February 12, Russian Prime Minister Vladimir Putin during the government meeting devoted to the development of the oil industry, said the tax burden on the domestic oil industry has declined by 500 billion rubles. Partly this was due to reduction of export duties on oil, which has January 1, 2009 fell to 100.9 dollars. In the summer of last year reached a rate of duty is $ 495 per ton.Source: Lenta.ruJournalists are lured a pretext for the devaluation of the ruble, with a true interest, and now wonder why the devaluation has not brought the promised results.
Devaluation is not for the future
09/04/09
Projections of the authorities that the decline of the national currency will increase the competitiveness of Russian goods, do not come true. Working mainly on imported raw materials from the devaluation of the domestic industry has lost onlyMonetary authorities and simply asserted that this devaluation and they spend all of it will be after the well. It turns out that they were not carried out, and there is nothing good from the fall of the ruble, but quite the contrary ...
Prosherstili all posts recently - is not any evidence that the devaluation has helped some industries, the production of one or the other. Spell: "fall of the national currency enhances the competitiveness of national products" - does not work. But there is a perfect example of another effect of devaluation than the government promised us charmers.The first major well-known victim - "Izhavto." Purchasing a car sets to assemble Korean KIA has become unprofitable. Five thousand workers laid off. Analysts expect that there will be a TagAZ and plants of JSC "Sollers", who are also working on a similar scheme.A favorite of all the Russian authorities since the Politburo - "AvtoVAZ" is also suffering from the fall of the ruble. He and prior to the planned purchases for the "Kalina" automatic transmission to 20% of the parts - import, so that the plant can not raise prices on cars. Now, he also receives state aid and increases prices.Well, the automotive industry. But from all sectors of the groans are heard, as all depends on whether the import of equipment, raw materials, there.That, apparently, where the domestic producers can jump after the fall of the ruble, if not in the production of cosmetics and perfumes? Incomes have fallen, surely people will turn their attention to domestic creams and oils ... But no. As a share of domestic companies in this market of more than $ 9 billion third, and remains. And well, that has not yet fallen. Yet. About 80% of the raw materials used by our factories - also imports. This means that they are forced to raise prices for their products. While the foreign corporations have far greater opportunities to control their prices, than our own. Because of some 150 Russian producers of smallholder production, which before the price increase for raw materials to work out the profit. And now, when the loan for the purchase of raw materials can not be obtained, on the verge of bankruptcy ...http://www.gazeta.ru/comments/2009/04/09_a_2971869.shtml
The devaluation of the Russian banks has helped to earn 900 billion rubles
Russian banks due to the devaluation of the ruble could earn from November 2008 to January 2009, about 800-900 billion rubles. This statement was made deputy director of the state corporation Deposit Insurance Agency (DIA), Andrew Melnikov, said the agency "Interfax". "I think that this margin of safety, we can easily block or two still live," - said Melnikov.Smooth devaluation of the Russian currency held by the Central Bank in mid-November last year and was completed in January of this year. During this time, the ruble against the currency basket (0.55 dollar and 0.45 euro) fell by 40 percent.Due to the devaluation of the 30 largest Russian banks, which account for 80 percent of total assets, were able to increase its profit the January nearly doubled with respect to the same month of 2008. In addition, in late February it was reported that the devaluation of the Russian oil industry has brought to the August 2008 about 800 billion rubles.In early February, Russian Finance Minister Alexei Kudrin acknowledged the benefit of the devaluation of the ruble. According to him, local banks and companies were able to reserve a $ 85 billion to service its foreign debt, and now they have enough funds to meet its obligations on foreign loans over the next year.
Source: Lenta.ruThe current archiveTo prevent strong ruble?
Look through the press about the meeting of Vladimir Putin with A. Kudrin and scratching their heads: what are they talking about? Just can not understand it. It seems that many reporters, describing the meeting, did not understand."Too strong ruble, according to the president, could undermine the competitiveness of national economy" - the newspaper "Kommersant".How could undermine the national economy strong ruble? A strong, I take them used the expression, can cut the income of commodity monopolies, supplying hydrocarbons to world markets, but does not undermine but rather strengthen the position of producers in other industries. The Americans, in recent years doing everything to strengthen the dollar, realizing that it is the foundation of stable existence of American manufacturers. And we have, it turns out, quite the opposite.
Putin's statement on the inarticulate, Kudrin has intricately Bole says: "The main measures to prevent the building - is responsible Alexei Kudrin - are measures of the government, but as soon as the government increases its spending by oil and gas revenues, it threatens to further consolidation. As part of the forecast, which we are prepared we will be able to keep the planned strengthening of the parameters. "Kudrin would have to adhere to any one of the coordinate system, rather than to declare absolutely contradictory statements. MPs and the people, he said that additional costs will cause inflation, and should therefore be restricted and, in this case, the increase in costs due to oil and gas revenues, according to the minister, will strengthen the ruble. How will strengthen? After all expenses will be made in rubles, not dollars, and therefore will increase the mass of the ruble in relation to the goods, and the same dollar, which consequently lowers the real value of the ruble, rather than strengthen.
Journalists of "Vedomosti" Petrachkova Alexander, Alexander Bekker, and assessed the situation: "Strengthening of the ruble could threaten the economy, particularly the real sector, says Vladimir Putin. Why the Ministry of Finance and Central Bank will have to simultaneously fight inflation and the strengthening of the course."
It seems that the Ministry of Finance and Central Bank officials, who had taken too eager to fight inflation, at the request of the president, stepped on toes raw giant, but so painful that even Vladimir Putin undertook to maintain inflation.
"The president asked urgently to slow down the national currency" - provides "News Time", "Putin instructed to slow down the ruble," - says Larisa Kaftan in "Komsomolskaya Pravda".
The fact that the strengthening of the ruble, unprofitable commodity monopolies, and the president is concerned about it, and Vladimir Putin made no secret. The President said that he met with representatives of large companies, "they still have a margin of safety", but the rapid appreciation of the ruble could create problems for them. Their products are becoming more expensive compared to imports, and lose the global competition. As the government is going to save the day? "
And in production, what products we compete if 70% of our exports of raw materials?
"We must oppose the strengthening of the ruble by all available means!" - Selflessly and with joy, said the minister. And he was not happy! After all this time, Kudrin said the only thing that did, in favor of large monopolies, supplying the world market oil, gas, metals, wood, and so on. Well, now, he still received support from the president. So now the wait for a new rise in prices, as Kudrin will deal with the strengthening of the ruble with renewed vigor.
There is no doubt that Putin is bent to the side of commodity monopolies. So the only way to describe the President's statement made at a meeting with the Minister of Finance Kudrin. Six months ago, the President set the task to strengthen the ruble, reduced inflation, convertibility of the ruble, and now, under pressure from the owners of raw moguls, turns the entire policy in the opposite direction.
"How he found out after" contacts with the business "policy of strengthening the ruble could damage the Russian economy. - According to the newspaper" Vedomosti ". - And now to the Central Bank and the Government, in effect, put the triple objective: to prevent inflation, to keep the ruble and continued to increase government spending. With these introductory expect an interesting political season. If you do not resign, then the serious failures guaranteed: the challenge posed by the president, not feasible.The situation will remain a stalemate, if not to abandon one of the three objectives - subject to a two-input equation can be solved. ""To strengthen the ruble to the Russian authorities would be convenient to suppress inflation. But now, when the president ordered not to do so before the Finance Ministry and Central Bank raises extremely difficult task - and not to strengthen the ruble and the rising prices to fight. - Asks blankly, "Izvestia". - So, the inflation front. "
Under pressure from the interests of the monopolies of raw caved in not only the president but also the government, which has developed a three-year plan to reduce the revenue from the sale of hydrocarbons. For three years the share of production tax (MET) and export duties in the revenue budget will be reduced from 50% to 30%. "This, according to Kudrin, and there is a way of reducing the budget depending on oil prices.
That's just the oil barons and their lobbyists in the government, as seems not at all afraid of their dependence on oil revenues, and in full swing oil and generously thank their benefactors.
Ivan Tevrizsky23/08/2006
Dear ruble was "a mistake"
Strengthening of the ruble found "error." This was stated by Finance Minister, Deputy Prime Minister Alexei Kudrin. According to the minister, entrenched ruble contributed to "reduce our competitiveness, the competitiveness of our domestic economy."Kudrin said that the strengthening of the ruble was in vain. "We made the most profound strengthening of the currency from the" big twenty ". This is the first major sign of our (commodity) dependence" - quoted Kudrin news agencies.
At the same time Kudrin believes that it was necessary to devalue the ruble is stronger than it did at the beginning of the crisis. "The measures we have taken have been half-hearted" - he said.The last sentence - home. From May 2008 to January, the Russian national currency dived to the level of 24 rubles to the dollar to around 36 rubles. The main part of her fall at this time is called "smooth devaluation."Russian Prime Minister Vladimir Putin later explained that the ruble could bring down more sharply, but "imagine what would have been a panic in Moscow exchangers?" - He exclaimed.
Central Bank of Russia has accelerated the devaluation of national currencyThe official euro exchange rate set by the Central Bank on December 19, amounted to 39.7798 rubles. Thus, the day the European currency has risen by more than a ruble, but could not overcome the mark of 40 rubles. In trading on the MICEX this psychologically important milestone was passed during the trading session on December 18. In some Russian exchangers euro also exceeded 40 rubles.
The official dollar exchange rate on December 19 will be 27.6095 rubles. That's almost nine cents more than the previous day.The simultaneous increase of the Central Bank of the dollar and the euro means that the fluctuation corridor currency basket (0.45 euros and 0.55 dollars), in which the Bank held back the fall of the ruble, has been significantly expanded. What is its upper limit is still unclear.The sharp appreciation of the euro is partly due to the fact that the world market of the European currency continues to appreciate against the dollar. Only in the last days, she has strengthened a few cents and is trading at $ 1.45.
Source: Lenta.ru
The purpose of this policy, the Central Bank:
A. Keep the decrease in gold reserves.But as you know, these measures did not stop the central bank reduced reserve of pollutants. If on November 7, they accounted for 475.4 billion dollars, on December 5 - 437 billion dollars.Two. Saving income exporters of hydrocarbons and metals in the environment of falling prices for oil and metals, due to lower labor costs in the country.The three largest oil producer in Russia - "Rosneft", "Lukoil" and "Gazprom oil" - reported on the record profits received for the first nine months of 2008. The latter is made a subsidiary of "Gazprom" - according to the company, for three quarters of net profit of 5.2 billion dollars, up 84.5 percent more than during the same period last year. Proceeds of "Gazprom oil" has risen by 86 percent to 27.32 billion dollars.Despite the significant increase in net profit, "Gazprom oil" is still not able to overtake on this indicator of its competitors. In early December, "Rosneft" and "Lukoil" reported that their net income was $ 10.76 and $ 10.3 billion.Three. Reducing the real cost of state social programs already designated by cheaper rate.
What will save the state on social programs, due to cheaper ruble, bude clear at the beginning of next year.
The fact that such a trivial puzzle solves today the Central Bank confirmed the information about the high profits of oil companies.
The devaluation of the Russian oil brought 800 billion rubles
The weakening of the ruble against the dollar and the euro has brought Russian oil companies since August 2008 about 800 billion rubles. About this newspaper "Vedomosti".
According to "Rosneft", which results in the publication, for the growth of oil exporters dollar per ruble is equal to the price of fuel increased by five dollars. According to the vice-president of "Rosneft" Peter O'Braena, taking into account the devaluation and export duties align the company is working "at a cost of about $ 70 a barrel."
Recall, the devaluation of the Russian currency held by the Central Bank since November 2008. At that time, the value of the currency basket (0.45 euros and 0.55 dollars) amounted to little more than 30 rubles. However, in early 2009, its price is higher than 40 rubles.
February 12, Russian Prime Minister Vladimir Putin during the government meeting devoted to the development of the oil industry, said the tax burden on the domestic oil industry has declined by 500 billion rubles. Partly this was due to reduction of export duties on oil, which has January 1, 2009 fell to 100.9 dollars. In the summer of last year reached a rate of duty is $ 495 per ton.Source: Lenta.ruJournalists are lured a pretext for the devaluation of the ruble, with a true interest, and now wonder why the devaluation has not brought the promised results.
Devaluation is not for the future
09/04/09
Projections of the authorities that the decline of the national currency will increase the competitiveness of Russian goods, do not come true. Working mainly on imported raw materials from the devaluation of the domestic industry has lost onlyMonetary authorities and simply asserted that this devaluation and they spend all of it will be after the well. It turns out that they were not carried out, and there is nothing good from the fall of the ruble, but quite the contrary ...
Prosherstili all posts recently - is not any evidence that the devaluation has helped some industries, the production of one or the other. Spell: "fall of the national currency enhances the competitiveness of national products" - does not work. But there is a perfect example of another effect of devaluation than the government promised us charmers.The first major well-known victim - "Izhavto." Purchasing a car sets to assemble Korean KIA has become unprofitable. Five thousand workers laid off. Analysts expect that there will be a TagAZ and plants of JSC "Sollers", who are also working on a similar scheme.A favorite of all the Russian authorities since the Politburo - "AvtoVAZ" is also suffering from the fall of the ruble. He and prior to the planned purchases for the "Kalina" automatic transmission to 20% of the parts - import, so that the plant can not raise prices on cars. Now, he also receives state aid and increases prices.Well, the automotive industry. But from all sectors of the groans are heard, as all depends on whether the import of equipment, raw materials, there.That, apparently, where the domestic producers can jump after the fall of the ruble, if not in the production of cosmetics and perfumes? Incomes have fallen, surely people will turn their attention to domestic creams and oils ... But no. As a share of domestic companies in this market of more than $ 9 billion third, and remains. And well, that has not yet fallen. Yet. About 80% of the raw materials used by our factories - also imports. This means that they are forced to raise prices for their products. While the foreign corporations have far greater opportunities to control their prices, than our own. Because of some 150 Russian producers of smallholder production, which before the price increase for raw materials to work out the profit. And now, when the loan for the purchase of raw materials can not be obtained, on the verge of bankruptcy ...http://www.gazeta.ru/comments/2009/04/09_a_2971869.shtml
The devaluation of the Russian banks has helped to earn 900 billion rubles
Russian banks due to the devaluation of the ruble could earn from November 2008 to January 2009, about 800-900 billion rubles. This statement was made deputy director of the state corporation Deposit Insurance Agency (DIA), Andrew Melnikov, said the agency "Interfax". "I think that this margin of safety, we can easily block or two still live," - said Melnikov.Smooth devaluation of the Russian currency held by the Central Bank in mid-November last year and was completed in January of this year. During this time, the ruble against the currency basket (0.55 dollar and 0.45 euro) fell by 40 percent.Due to the devaluation of the 30 largest Russian banks, which account for 80 percent of total assets, were able to increase its profit the January nearly doubled with respect to the same month of 2008. In addition, in late February it was reported that the devaluation of the Russian oil industry has brought to the August 2008 about 800 billion rubles.In early February, Russian Finance Minister Alexei Kudrin acknowledged the benefit of the devaluation of the ruble. According to him, local banks and companies were able to reserve a $ 85 billion to service its foreign debt, and now they have enough funds to meet its obligations on foreign loans over the next year.
Source: Lenta.ruThe current archiveTo prevent strong ruble?
Look through the press about the meeting of Vladimir Putin with A. Kudrin and scratching their heads: what are they talking about? Just can not understand it. It seems that many reporters, describing the meeting, did not understand."Too strong ruble, according to the president, could undermine the competitiveness of national economy" - the newspaper "Kommersant".How could undermine the national economy strong ruble? A strong, I take them used the expression, can cut the income of commodity monopolies, supplying hydrocarbons to world markets, but does not undermine but rather strengthen the position of producers in other industries. The Americans, in recent years doing everything to strengthen the dollar, realizing that it is the foundation of stable existence of American manufacturers. And we have, it turns out, quite the opposite.
Putin's statement on the inarticulate, Kudrin has intricately Bole says: "The main measures to prevent the building - is responsible Alexei Kudrin - are measures of the government, but as soon as the government increases its spending by oil and gas revenues, it threatens to further consolidation. As part of the forecast, which we are prepared we will be able to keep the planned strengthening of the parameters. "Kudrin would have to adhere to any one of the coordinate system, rather than to declare absolutely contradictory statements. MPs and the people, he said that additional costs will cause inflation, and should therefore be restricted and, in this case, the increase in costs due to oil and gas revenues, according to the minister, will strengthen the ruble. How will strengthen? After all expenses will be made in rubles, not dollars, and therefore will increase the mass of the ruble in relation to the goods, and the same dollar, which consequently lowers the real value of the ruble, rather than strengthen.
Journalists of "Vedomosti" Petrachkova Alexander, Alexander Bekker, and assessed the situation: "Strengthening of the ruble could threaten the economy, particularly the real sector, says Vladimir Putin. Why the Ministry of Finance and Central Bank will have to simultaneously fight inflation and the strengthening of the course."
It seems that the Ministry of Finance and Central Bank officials, who had taken too eager to fight inflation, at the request of the president, stepped on toes raw giant, but so painful that even Vladimir Putin undertook to maintain inflation.
"The president asked urgently to slow down the national currency" - provides "News Time", "Putin instructed to slow down the ruble," - says Larisa Kaftan in "Komsomolskaya Pravda".
The fact that the strengthening of the ruble, unprofitable commodity monopolies, and the president is concerned about it, and Vladimir Putin made no secret. The President said that he met with representatives of large companies, "they still have a margin of safety", but the rapid appreciation of the ruble could create problems for them. Their products are becoming more expensive compared to imports, and lose the global competition. As the government is going to save the day? "
And in production, what products we compete if 70% of our exports of raw materials?
"We must oppose the strengthening of the ruble by all available means!" - Selflessly and with joy, said the minister. And he was not happy! After all this time, Kudrin said the only thing that did, in favor of large monopolies, supplying the world market oil, gas, metals, wood, and so on. Well, now, he still received support from the president. So now the wait for a new rise in prices, as Kudrin will deal with the strengthening of the ruble with renewed vigor.
There is no doubt that Putin is bent to the side of commodity monopolies. So the only way to describe the President's statement made at a meeting with the Minister of Finance Kudrin. Six months ago, the President set the task to strengthen the ruble, reduced inflation, convertibility of the ruble, and now, under pressure from the owners of raw moguls, turns the entire policy in the opposite direction.
"How he found out after" contacts with the business "policy of strengthening the ruble could damage the Russian economy. - According to the newspaper" Vedomosti ". - And now to the Central Bank and the Government, in effect, put the triple objective: to prevent inflation, to keep the ruble and continued to increase government spending. With these introductory expect an interesting political season. If you do not resign, then the serious failures guaranteed: the challenge posed by the president, not feasible.The situation will remain a stalemate, if not to abandon one of the three objectives - subject to a two-input equation can be solved. ""To strengthen the ruble to the Russian authorities would be convenient to suppress inflation. But now, when the president ordered not to do so before the Finance Ministry and Central Bank raises extremely difficult task - and not to strengthen the ruble and the rising prices to fight. - Asks blankly, "Izvestia". - So, the inflation front. "
Under pressure from the interests of the monopolies of raw caved in not only the president but also the government, which has developed a three-year plan to reduce the revenue from the sale of hydrocarbons. For three years the share of production tax (MET) and export duties in the revenue budget will be reduced from 50% to 30%. "This, according to Kudrin, and there is a way of reducing the budget depending on oil prices.
That's just the oil barons and their lobbyists in the government, as seems not at all afraid of their dependence on oil revenues, and in full swing oil and generously thank their benefactors.
Ivan Tevrizsky23/08/2006
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