Bank clients rally in Moscow to demand their deposits.
Photo: Alexey Kudenko
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Central Bank Let the Ruble Slump to Dollar, Euro
Central Bank of Russia (CBR) has set the November 12 official rate of exchange at 27.34 ruble per a dollar, allowing the ruble to depreciate by 0.376 ruble. The euro worth increased by 0.2387 ruble to 34.8 ruble. The worth of bi-currency basket ($0.55 and ˆ0.45) gained 0.31 ruble to 30.7 ruble. The bi-currency basket hasn’t cost so much this year.
Usually, the Central Bank of Russia avoid the abrupt fluctuations of Russia’s ruble, injecting the currency of interest into the market and fueling the demand for the currency neglected by investors. In the recent months, the investors have been selling the rubles, transferring the funds into the foreign exchange and forcing the CBR to sell a portion of foreign exchange assets.
As a result, Russia’s foreign exchange assets have narrowed by more than $100 billion since August. Other reasons of the decline were the capital outflow and dollar appreciation.
Although the CBR and Finance Ministry had claimed they would rescue the ruble from abrupt depreciation, the rumors are that the dollar will cost 40 ruble in the near term.
In this respect the recent report of Troika Dialog is of interest. It says that the ruble depreciation will bolster the GDP growth and generate profits both for exporters and for the companies targeted at domestic market.
According to November 10 statement of CBR CEO Sergei Ignatiev, Russia’s ruble may slightly depreciate vs other currencies.
www.kommersant.com
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