Oil prices down sharply, ruble too. What next for the Russian economy? – Gazeta Wyborcza

 

         
 
     

 
 
 
 
 
 

 

 
 
 

 

 
 
 
 
 
 

 

 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
           
           
             

             

                  
             
                  
 
                  
                 
                    

Vladimir Putin opened a pipeline, the oil will flow from Russia to China (Photo. RIA Novosti REUTERS)

                  
                  
                  

                  
             

             
         
     
   
   
   
 
 
 
 

The Russian currency fell on Monday almost 3 percent. in value against the dollar. It is caused by a sudden reduction in oil prices and a further reduction in key interest rates in Russia.

 
 
 
 
 
 
 
 
 
 
 
 
 
                          
 

                 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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On Monday, after the opening of the Moscow currency exchange traders anxiously watched how quickly the ruble losing value. Just a few minutes after the start of trading rate of the Russian currency against the dollar and the euro depreciated by almost 2 percent. And in the afternoon for 1 dollar you had to pay up to 62.7 ruble, an increase of 2.7 percent. more than at the opening session. By contrast, 1 euro cost 68.9 ruble, rising prices since the beginning of the session 2.2 percent. This is the lowest courses of the ruble since mid-March.

Investors were selling rubles, as of yesterday, the basic interest rate in Russia fell from 11.5 to 11 percent. And that means that the interest rate on deposits also dropped.

A cut rates Central Bank of Russia decided last Friday. It was the second in July and the fifth since the beginning of reduction of the rate base interest rate in Russia in January of 17 percent.

In announcing the latest rate cut, the Central Bank of Russia decided that this decision may accelerate inflation. However, the Bank estimated that higher risk is increasing slowdown in the Russian economy.

Petroleum gets cheaper

And that loses primarily because of low oil prices, the main source of Russia’s export revenue. Interfax news agency, citing analysts in Moscow, wrote that the decline in the price of black gold was an added reason for the weakening of the ruble.

On Monday evening on the London Stock Exchange European barrel of Brent crude oil cost even less than $ 50. per barrel, losing at values ​​more than 4 percent. This is the lowest price of the raw material for half a year.

Last Friday, the price of Brent crude oil fell by 2 per cent., And in July the raw materials become less in total by 18 percent. Even more, by as much as 21 per cent., In July grew cheaper US crude oil WTI, and was the largest monthly decline in US oil crisis in 2008. Yesterday afternoon, the stock market in New York, a barrel of WTI even cost of $ 45.20. – The cheapest since April.

The strike price fluctuations also in Russian oilmen. In July, a barrel of Russian Urals oil export cost an average of $ 55.5., And last year it was 105.4 dollars. – As yesterday assessed the experts of the Russian Ministry of Finance. Shortages of hard currency Russia can not and replenish foreign loans because of sanctions the West for aggression against Ukraine. Late last week, the US also expanded sanctions on Russia, typing on a black list of companies already covered by the sanctions, oil companies Rosneft and VEB bank (including the management company Russian Fund of Direct Foreign Investment, who was planning to download to Russia investors from China and Saudi Arabia) .

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