The ruble was made a weak currency

13 September 2018, 15:30 | Economy
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The Russian currency continues to restore positions to the dollar and the euro. But in the fundamental sense it remains very unstable and unreliable. Financial experts say this. The prolonged decline in the ruble rate continues from April, then accelerating, then slowing down. There are several reasons for this. "First, almost all emerging markets showed a fall in the exchange rates of national currencies in a similar period to the ruble.

This was due to the fact that international investors began to massively go into the dollar, "said economist Andrei Movchan in an interview with Snob.. From this craze, the dollar suffered even the euro, but "this currency is so powerful that the changes have remained almost unnoticed," the expert added.. The second factor was "a serious change in the vector of monetary policy in Russia". Previously, the regulator did not intervene in the market, and with a strong fall in the rate, it sold dollars from reserves to stop the process. Now the Bank of Russia on the instructions of the Ministry of Finance actively buys the American currency, creating constant pressure on the ruble. This is done in order to increase the budget surplus. This situation will drag on for a long time, "because the rates on the US market are growing, and the balance of the Federal Reserve System is deliberately reduced by the Americans themselves". This will lead to the fact that "the amount of money in the market will decrease and investors will get rid of falling currencies," Movchan said.. The strategy of the Ministry of Finance and the Central Bank regarding the buying up of foreign currency will also not change in the near future, although at the moment the purchase of dollars stopped. "It would be more difficult to strengthen it (ruble), because it would require dollar reserves that are limited, in contrast to the ruble. It can be printed endlessly, "the economist pointed out.. At the moment, the market itself is playing against the "Russian":.

domestic investors who owned positions in rubles, began to withdraw from them. That is why the Central Bank had to temporarily give up buying dollars, "in order to prevent catastrophic consequences". Now the decline in the rate has stopped, "however, there will not be a return to the fundamental positions (58-61 rubles for $ 1): it's simply not profitable for anyone".

Gradual reduction of the ruble "is beneficial for the budget and for the largest exporters - the most important producers of GDP and taxes in Russia", and therefore it will last a very long time. We note that on the eve of the Russian Economic Development Minister Maxim Oreshkin said that the ruble is strongly underestimated: at current oil prices, it should cost twenty rubles cheaper - about 50 rubles per unit. At the moment on the Moscow Stock Exchange, the ruble is strengthening against the dollar and the euro. As of 12:39 MSK, the value of the American currency decreased by 46 kopecks, to 68.57 rubles. The euro fell by 59 cents, to 79.63 rubles.




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