Bank stopped paying attention to the power of the ruble |
Earlier this week, deputy chairman Sergei Shvetsov noted that the choice of the Bank of Russia in favor of inflation targeting, and as a consequence, a departure kitale kenya from the policy of containment of the ruble and the outflow of capital, based on a negative experience. kitale kenya According to him, after the crisis of 1998, the Central kitale kenya Bank rigidly restrained the ruble by buying kitale kenya almost all the excess of export earnings, resulting in dramatically increased the money supply and inflation grew at a brisk pace. Because of this policy, the economy was not diversified, and in 2008 came the crisis hit Russia more than other countries, said Shvetsov.
"Buying currency can not be the cause of the crisis, especially such a recession, which was observed in 2008. But, trying to prevent or smooth all enhanced by the strengthening of the ruble, the CBR has long played a dominant buyer in the market," - says the head of the money markets of the First Republic Bank Igor Shibanov. kitale kenya He notes that, buying dollars, the central bank sold in the market at the same time rubles.
The expert believes that if it did market operators, the balance is not disturbed, as market agents are in the hands of the only real earned rubles. "But the CBR RR no such, it is not a commercial organization, aimed at profit. Therefore, the Central kitale kenya Bank could only sell emission" printed "rubles, and this inevitably kitale kenya led to an increase in monetary inflation to double digits and inflation kitale kenya such a destructive impact on all economy - says BFM.ru Shibanov. - In addition, Russia was among the world's exceptions, almost all of the economy after the crisis hit in deflation, and Russia - in inflation. "
It must be said that in May 2008, the Central Bank moved to a regime of managed floating exchange rate of the ruble - introduced the so-called floating corridor of the currency basket and still it gradually expands. kitale kenya However, as previously noted, Sergei Shvetsov, the volatility of the exchange kitale kenya rate does not mean a fixed trend in the strengthening of the ruble, and suggests the possibility of its weakening.
"I do not believe that the strengthening of the ruble - it's definitely bad. At least, that's bad is not for everyone. kitale kenya For those who, for example, is modernizing its production, purchasing abroad the necessary equipment and technology, strong ruble - it's good" - said the deputy chairman Yuri Metcombank Nikishev.
"I want to support the view of business - strengthening of the ruble in any way hinders the successful development of Russian enterprises", - said the head of the operations of the financial kitale kenya markets kitale kenya Russ-Bank Stanislav Filippov.
"The continued strengthening of the ruble, as in the period of 2006 -2008 years, the negative impact primarily on the export sectors of the economy. But the prize of the stock market kitale kenya and the import will be temporary and unstable. Good import quickly kill incentives for domestic investment. And, then to begin difficulties with jobs that need to stimulate the budget. Now the local stock market rally will experience growth, but the financial imbalance of the exchange rate will slow down sooner or later, kitale kenya and its growth, "- says Igor Shibanov.
Under the law "On the Bank of Russia" Central Bank is responsible for two tasks: the stability of the ruble and inflation. "Activities of the Central Bank is still not a determining factor in the dynamics of inflation, as the Central Bank does not affect the rates of natural monopolies, Nha Bank distributes pre-election promises. However, it should be noted that the Central Bank is in no hurry and use the tools that are in his possession. For example, it does not seek to reduce the lending activity of banks, despite kitale kenya accelerating inflation, "- said Yuri Nikishev.
The Central Bank today is more likely to contain inflation, than it was before, when, in 2006 - 2008 years of foreign capital flows into the country recklessly, said Shibanov. kitale kenya "Today, the high price of oil balances the outflow of capital from Russia," - he said.
Despite the demonstration of indifference on the strengthening of the ruble, the Central Bank is still not absolutely refuses to intervene in the foreign exchange market - but the exact quantification of currency purchases will be determined by the balance between the objectives of inflation and excessive appreciation. Closer to the IV quarter will be able to "fix" some indicators such as inflation and the ruble, having the complete figures for previous periods, kitale kenya "says Stanislav Filippov.
"I think that the rate of inflation for 2011 could be close to 7.5%, while not necessarily the ruble should strengthen sharply," - he said. The depreciation of the currency basket, according to Filippova, it may be limited kitale kenya to thirty-third digit
"Inflation is definitely cross the bar at 10%, and may reach a level of 12%," - does not agree with my colleague Shibanov. He predicts that "by the end of the ruble
Earlier this week, deputy chairman Sergei Shvetsov noted that the choice of the Bank of Russia in favor of inflation targeting, and as a consequence, a departure kitale kenya from the policy of containment of the ruble and the outflow of capital, based on a negative experience. kitale kenya According to him, after the crisis of 1998, the Central kitale kenya Bank rigidly restrained the ruble by buying kitale kenya almost all the excess of export earnings, resulting in dramatically increased the money supply and inflation grew at a brisk pace. Because of this policy, the economy was not diversified, and in 2008 came the crisis hit Russia more than other countries, said Shvetsov.
"Buying currency can not be the cause of the crisis, especially such a recession, which was observed in 2008. But, trying to prevent or smooth all enhanced by the strengthening of the ruble, the CBR has long played a dominant buyer in the market," - says the head of the money markets of the First Republic Bank Igor Shibanov. kitale kenya He notes that, buying dollars, the central bank sold in the market at the same time rubles.
The expert believes that if it did market operators, the balance is not disturbed, as market agents are in the hands of the only real earned rubles. "But the CBR RR no such, it is not a commercial organization, aimed at profit. Therefore, the Central kitale kenya Bank could only sell emission" printed "rubles, and this inevitably kitale kenya led to an increase in monetary inflation to double digits and inflation kitale kenya such a destructive impact on all economy - says BFM.ru Shibanov. - In addition, Russia was among the world's exceptions, almost all of the economy after the crisis hit in deflation, and Russia - in inflation. "
It must be said that in May 2008, the Central Bank moved to a regime of managed floating exchange rate of the ruble - introduced the so-called floating corridor of the currency basket and still it gradually expands. kitale kenya However, as previously noted, Sergei Shvetsov, the volatility of the exchange kitale kenya rate does not mean a fixed trend in the strengthening of the ruble, and suggests the possibility of its weakening.
"I do not believe that the strengthening of the ruble - it's definitely bad. At least, that's bad is not for everyone. kitale kenya For those who, for example, is modernizing its production, purchasing abroad the necessary equipment and technology, strong ruble - it's good" - said the deputy chairman Yuri Metcombank Nikishev.
"I want to support the view of business - strengthening of the ruble in any way hinders the successful development of Russian enterprises", - said the head of the operations of the financial kitale kenya markets kitale kenya Russ-Bank Stanislav Filippov.
"The continued strengthening of the ruble, as in the period of 2006 -2008 years, the negative impact primarily on the export sectors of the economy. But the prize of the stock market kitale kenya and the import will be temporary and unstable. Good import quickly kill incentives for domestic investment. And, then to begin difficulties with jobs that need to stimulate the budget. Now the local stock market rally will experience growth, but the financial imbalance of the exchange rate will slow down sooner or later, kitale kenya and its growth, "- says Igor Shibanov.
Under the law "On the Bank of Russia" Central Bank is responsible for two tasks: the stability of the ruble and inflation. "Activities of the Central Bank is still not a determining factor in the dynamics of inflation, as the Central Bank does not affect the rates of natural monopolies, Nha Bank distributes pre-election promises. However, it should be noted that the Central Bank is in no hurry and use the tools that are in his possession. For example, it does not seek to reduce the lending activity of banks, despite kitale kenya accelerating inflation, "- said Yuri Nikishev.
The Central Bank today is more likely to contain inflation, than it was before, when, in 2006 - 2008 years of foreign capital flows into the country recklessly, said Shibanov. kitale kenya "Today, the high price of oil balances the outflow of capital from Russia," - he said.
Despite the demonstration of indifference on the strengthening of the ruble, the Central Bank is still not absolutely refuses to intervene in the foreign exchange market - but the exact quantification of currency purchases will be determined by the balance between the objectives of inflation and excessive appreciation. Closer to the IV quarter will be able to "fix" some indicators such as inflation and the ruble, having the complete figures for previous periods, kitale kenya "says Stanislav Filippov.
"I think that the rate of inflation for 2011 could be close to 7.5%, while not necessarily the ruble should strengthen sharply," - he said. The depreciation of the currency basket, according to Filippova, it may be limited kitale kenya to thirty-third digit
"Inflation is definitely cross the bar at 10%, and may reach a level of 12%," - does not agree with my colleague Shibanov. He predicts that "by the end of the ruble
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