Mega Russia


Third, 60% of foreign investment has come to us from Europe. Fourth, as the euro currency savings is preferable to the Russians. Although the share of the euro in bank deposits is still small - about 10% of deposits, demand has interesting characteristics. Estimated Sberbank, unlike the dollar, the demand for which varies depending on the exchange rate, sluggish fellow respond to the volatility of the ruble / euro steadily increasing accumulation in the European currency.

Thus, although the impact of the euro on our internal market is not comparable to the dollar, to ignore fluctuations in the euro / dollar is no longer possible. In the import segment of the consumer market based pricing for courses inostrannyx currencies. The euro pricing linked to 50% of the car market and about 20-30% of the retail consumer market.

Instrument of payment

The single European currency has 2.3% of the exchange and 20% of the OTC market. 10-20% of foreign trade transactions is the euro. Monetary authorities do not use the euro as its currency intervention, but 40% of Russia's external debt denominated in euros, this year, accounting for one third of all payments on the debt.

Store of value

Euro is a major currency for savings, accounting for 25-30% of the turnover of the cash. In contrast to the dollar, the euro is the currency of the transaction rather than as a store of value. In euro denominated deposits 10% of the domestic banking system.

According to rough estimates, the share of the euro in the international reserves of the Central Bank is 25%. How to share the euro stabilization fund has assets of the Russian government, is unknown.

Currency curiosity

Over recent years, the Bank of Russia minimize fluctuations of the ruble. While changing the ratio of the euro / dollar rate were small, they did not cause much concern. However, with increasing volatility of the currency pair increased volatility of the ruble against the euro, as well as the nominal effective exchange rate.

At the conference, the National Foreign Exchange Association, held April 13, 2004, Mr. Korishchenko formulated a new approach to the rate fixing of the monetary authorities. In the medium-term objective of monetary policy as he was, and still is, the real effective exchange rate of the ruble, but for day to day operations in the foreign exchange market to deliver the currency basket.

In CBR cart called an unusual scientific term "nominal dual currency index", which is supposed to be calculated as a geometric weighted average rates of major foreign currencies to the ruble. The share of currency, is an index - the dollar and the euro - up to 50% effective baskets.

Proposed a benchmark meets all the necessary requirements. First, the dual currency index has a simple algorithm to calculate and understand the market, which makes the operating target transparent.

Second, the monetary authorities have full power to affect the value of the index. Third, given the high share of the euro and the dollar effective exchange rate basket, dual currency index is representative enough to reflect the impact of the currency market foreign trade. In short, the choice of professionals the Bank of Russia is justified and has a full justification. Previous landmark monetary policy had a large number of defects. First, the choice of the dollar as an anchor currency contributed to the dollarization of the financial sector. While the dollar prevailed in the operations of financial institutions, the euro has strengthened the position of the real sector. There was a kind of dualism Exchange asymmetric effect of exchange rate policy in the different sectors of the economy.