Tuesday is another day of weakening of the Russian ruble. On Monday the dollar for the first time you had to pay more than 40 rubles, on Tuesday ruble weakened to below 40.7 per dollar. At the same time cheaper petroleum markets.
On Tuesday, the dollar exchange rate in Moscow reached even 40.8 ruble, though later the Russian currency gained slightly. Lows beats ruble against the euro. On Monday, the euro had to pay more than 51.4 ruble, on Tuesday the euro were more expensive at the opening of approx. 30 kopecks and its rate varies between 51.5 and 51.6 ruble.
On Monday, the head of the Bank of Russia Elvira Nabiullina admitted that if this trend in the currency markets continues, the bank “will not be able to stop him.” Assured, however, that the Bank of Russia “will not withdraw completely from the currency market, however, will change the way in which it participates,” and stressed that the central bank will intervene, “if there is a risk to the financial stability of the (state)”. Bank of Russia had from 3 to 9 October to sell on the Moscow stock exchange 4.43 billion.
On Tuesday, the Russian central bank announced a shift range of 10 kopecks in down, beyond which automatically must defend the ruble exchange rate against a basket of euro-dollar. According to the Wall Street Journal, the scale shift, and appearing on the Moscow market quantities of western currencies suggest that the central bank on Tuesday sold approx. 1.4 billion.
Weakening of the ruble is commonly associated with a decrease in the price of oil on world markets and international sanctions. Cut off from Western markets because Russian companies need to buy foreign currency to repay obligations in the domestic market.
On Tuesday, oil is still cheaper. Price of a barrel of Brent crude oil in London have fallen below 88 dollars., Losing more than 1.5 dollars. WTI Crude Oil in the United States loses more than 1.15 dollars. and is close to 84.5 dollars., and market observers believe that there are no prospects for a rebound in prices up.
The significant weakening of the ruble gained for this rich Russians who bought real estate in America or Europe, for example. Popular among them London – draws attention to the Lion’s Bank. Recalls that during the year the pound against the ruble increased by 26 percent. and so much more in rubles worth are now the London real estate, of course, in addition – next to profit from the growth of their value in pounds.
Lion’s Bank emphasizes, however, that this calculation ignores the fact that most Russians would rather get rid of rubles and invest on a stable foreign market than the cash in your investment and enjoy the millions in the Russian currency. And the main problem is inflation, which in Russia is already above 7.5 percent. – Indicates the bank. (PAP)
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