On Wednesday, Dec. 17, the government twice discuss how to stabilize the situation in the Russian economy. The second time, the Prime Minister Dmitry Medvedev was invited to a difficult conversation not only ministers and heads of central banks. CEOs also talked about their proposals. As a result, rampant speculators called “orgy” – the more so that the evaluation of the ruble is strongly underestimated.
The second day for an emergency meeting with the Prime Minister. The theme is the same – the ruble. But if on the eve of the meeting was only with the management of the financial and economic bloc of the government, now in it – and even almost all the large export-oriented business in the country, “Gazprom”, “Lukoil” and other oil and gas giants, as well as the “Norilsk Nickel”, “Alrosa” and “Severstal”.
At a meeting at the prime minister present leadership of all those companies that provide foreign exchange earnings in the Russian economy. Experts have long said it is necessary to stabilize the exchange rate to the dollar portion of its revenue these companies were sold in the foreign exchange market, exchange currency quench hunger. You may have to revise some investment projects in terms of purchases of imported equipment. As Dmitry Medvedev said his purchase of currency at the current exchange rate – extremely disadvantageous.
However, the hard currency regulation is not going to enter the government. The Prime Minister said today that the expansion of foreign currency refinancing through the central bank must balance the market
Dmitry Medvedev said: ruble broke away from the fundamentals. Even the drop in oil prices and imposed on Russia sanctions should not have caused such a collapse. In the currency market seems to have happened is what is called “the perfect storm” when all the negative factors came together in a moment. By year end, companies have to pay for foreign currency loans, it also caused the demand for dollars. So today Prime Minister promised companies: no currency they will not remain. And the obligation to sell dollars in the domestic market will be compensated, possibly through tools currency Repo.
As a result, the meeting decided: the government will monitor daily how much foreign currency proceeds to sell the company. Responsible for this appointed Deputy Prime Minister Igor Shuvalov. In addition, even before it became known that the Finance Ministry has also started selling balances on foreign currency accounts. Positive effect on the ruble did not wait. The course of the Russian currency strengthened considerably.
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