Mega Russia

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Part I. Wind of change of exchange rate

Since then, the dollar became cheaper in Russia, while the euro rose in half, in the consumer market there was an entertaining transformation "cu". Instead of the usual dollar unforgettable "standard unit" some sellers are defined as the average of the U.S. and European currencies. Now turn to review the exchange rate policy has reached the Bank of Russia.

Not fail Russ inventors

Bank of Russia started to use a new course guide. This was back in mid-April, the business world has notified the deputy chairman of the Bank of Russia Konstantin Korishchenko empowered to manage the money markets. According to him, it is about operational indicator that the central bank will be used to formulate the objectives of monetary policy and a more flexible exchange rate.

Absolute stability of the dollar in the country amid clashes FOREX emphasized isolation of the Russian economy from the realities of the world currency market. The attention of the monetary authorities to switch from the dollar to a new, more complex figure - the ruble against a basket of currencies. Presumably in the basket would be two currencies - the U.S. and Europe-wide. Their relationship did not disclose the CB is only known that at the beginning of the euro may account for a small proportion - 10% -20%. Then share the euro will increase, but how much - is unknown. Deputy chairman, talking about the new benchmark, based on the ratio 5050. Full implementation of a new landmark in the practice of the Bank of Russia may happen in the coming months.

The ups and downs of the market

Why, after a decade of stabilization of the ruble Bank of Russia suddenly decided to review the exchange rate answer can be found in the changes in the domestic and overseas market. When, in the early 90-ies of the Bank of Russia introduced a trading band, raging inflation in the country. The dollar made an anchor currency by which stabilized inflation expectations. The choice of a currency as the anchor was not possible - the euro did not exist, and other currencies could not compete with the dollar on the degree of influence.

Today we revealed a very different picture. In the domestic market steadily declining inflation, and expectations of depreciation are at lowest level in recent years. It is believed that in a few years, the rise in consumer prices closer to the standards of developed countries. The situation on the domestic market dictates abandon rigid peg of the ruble against the dollar.

In foreign markets also saw significant changes. There was a single European currency, the macroeconomic and financial capabilities comparable to the dollar.

Euro adventure in Russia

In recent years evro impact on the domestic market is growing steadily. First, in the ten years of export from Russia to the EU countries increased by 2.5 times. After accession to the EU of 10 new members in a united Europe will account for 50% of Russia's foreign trade. Second, slowly but surely, the private sector increases its foreign loans in euros. To date, the domestic corporate borrowers are attracted by Eurobonds denominated in European currency worth more than $ 2 billion.