Even just short of one hundred percent depreciation of the ruble. For several years for one euro paid in Russia from 39 to 43 rubles. At today’s price of 71 rubles per euro, many Russians wondering what to do with their savings. Some people buy foreign currency and other valuables and property. Russian authorities are appealing to not panic. However, fewer and fewer people want to listen to these soothing words. Analysts point out that the ruble cheaper with a fall in oil prices on world markets. At the same time Western sanctions and retaliatory embargo on food products, causing a slow but steady increase in prices of the most essential goods.
Foreign capital flees from Russia
According to analysts, impinges on the ruble exchange rate against all currency shortage caused Russia to cut off sources of foreign currency liquidity. By the end of the year in respect of principal and accrued interest on foreign loans Russian corporations and banks should pay $ 30 billion, and in 2015 years – $ 120 billion.
Bank of Russia raised the interest rate
Although the Bank of Russia on Thursday morning raised its key policy rate, which was to stabilize the ruble, the exchange rate of the Russian currency fell to its lowest level in history.
Bank of Russia, ie. the Central Bank of the Russian Federation, raised the repo rate (for granted short-term loans to commercial banks, securities lending) by 1 percentage point – to 10.5 percent. Previously, the Bank of Russia raised its key policy rate 31 October – by 1.5 percentage points. Since the beginning of the year it increased by a total of 5 percentage points.
The market hoped for more
Shortly after the decision of the Bank of Russia has established a new antyrekordy ruble against the dollar and the euro – $ 1 paid for RUB 55.46, and for 1 EUR – RUB 68.99. Analysts explained is that the market reckoned with the possibility of a stronger tightening of monetary and credit policy. Some expected a rise in interest even by 2-2.5 percentage points. Later, however, the Russian currency has worked some of the losses. O h. 16.45 local time (14.45 in Poland) was given 55.25 per dollar ruble and the euro – 68.70 ruble. TASS reported in the chair. 17.16 (local time (15.16 in Poland) that the euro was given 69 rubles. From January ruble has lost a total of about 42 percent. Value.
Vladimir Putin: Russia will overcome the difficulties currency
A week ago, Vladimir Putin announced in his message that Russia will overcome the difficulties currency – says Vladimir Putin. In the message, delivered to both houses of parliament, the Russian president asked the government and the central bank to take measures aimed curb currency speculation.
He also promised to support banks’ funds from one pension reserve funds. The President spoke in favor of harmonization of procedures associated with the ongoing investments by the state, which could reduce their costs. He also wants stricter control of expenditure at orders in the field of national security.
The government revises economic outlook
Russia admits that her economic situation is getting worse. The Russian Ministry. Economic Development does not preclude the entry the country’s economy in recession after the first quarter of 2015, in the second half of the year is possible shift towards growth – said Tuesday the Deputy Minister Alexei Wiediew.
Instead of 1.2 percent growth will be 0.8 percent decline GDP. Remain weak ruble. The dollar is expected to cost 50 rubles in 2015. On the other hand, inflation is expected to be 7.5 percent.
Less optimistic predictions also look for oil prices in 2015. The average annual amount it is $ 80 per barrel, and not 100 as previously considered. Half of the Russian budget revenues are revenues from taxes on export and sale of oil and gas.
Deputy Wiediew admitted that the Russian economy could reach the bottom in mid-2015 and then bounce away from him.
Immediately after the speech of the representative of the Ministry of lowering forecasts of oil prices and the exchange rate of the Russian currency, lost it again on values; dollar exchange rate rose by 40 kopecks – up to 51.62 ruble and the euro by 26 kopecks – up to 64.16 ruble.
You can run 500 billion rubles from the Reserve Fund
The issue of possible negative consequences of further growth of oil prices and the exchange rate of the ruble in the next year established a finance ministry Tuesday Russia.
It is not ruled out spending in 2015, more than 500 billion rubles (approx. 9.7 billion dollars) from the Reserve Fund. Informed the journalists, the High Representative of the Ministry of Maksim Orieszkin – director of the department of long-term strategic planning.
– Our main defense next year is the Reserve Fund – Orieszkin said. He pointed out that “the use of the Fund is already a foregone conclusion, but it is not known yet how big”. He added that “in certain scenarios,” the amount of funds to be used may exceed 500 billion rubles.
The approved last week by the upper house of the Russian parliament a draft budget for the years 2015 to 2017 allowed the spending of the Reserve Fund to 500 billion rubles .
Some time ago, Finance Minister Anton Siłuanow warned that if oil prices and the ruble exchange rate will remain at the current level, it is in the budget for 2015 may run out of 500 billion rubles ($ 12.2 billion).
“The Russians can lose up to 30 per cent. of their income”
According to the head of the Ministry. Ulukajewa Economic Development Alexei weakening ruble and the possibility of a rise in inflation leads to lower real incomes of citizens.
Analysts say that the Russians may lose up to 30 percent of their income. Today, Interfax news agency reported an increase in the price of gasoline and still weakening of the ruble exchange rate. Also slightly increase food prices.
PAP / IAR, abo
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