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Thursday, October 27, 2016

The ruble fell sharply: experts suspect the hand of the Central Bank and exporters

The Bank of Russia sharply raised official rates of dollar and Euro, setting them for the upcoming weekend at the level 71,251 of ruble per Euro and 64,627 rubles per dollar.

photo: Gennady Cherkasov

The increase thus amounted in the first case, almost 95, and the second — almost 89 cents, the cost of the currency basket has grown by 91.6 penny.

Recall that on Thursday the Russian presidential aide Andrei Belousov said that the ruble also creates problems for the budget and hits the export of Russian goods. The shortfalls in the budget are primarily related to the fact that the more expensive ruble, the Russian producers again become uncompetitive against imports. In addition, Russian oil is cheaper in rubles and, therefore, there are problems with the payment of pensions and social benefits due to their lack.

This logic operates in Russia not for the first ten years: such calculations to a wide audience for the first time announced the former first Deputy Prime Minister of Russia Boris Nemtsov, and then they were called “Nemtsov’s formula”.

However, the Central Bank in response to the statement Belousov said that no plans to return to a regulated rate called the current policy a “floating” ruble defense mechanism of the Russian economy.

Various experts, however, saw today’s improvements are an indirect effect of the Central Bank, which, according to them, many other mechanisms influencing the course of up to “drink tea” with the big banks, asking them to influence the market.

However, experts say, similarly to the exchange rate could have an impact by itself, the effect of word Belousov: major players in the market, exporting companies could believe that the ruble is now will inevitably go down and get rid of the national currency.

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