The ruble continues to slump. On the Moscow stock exchange dollar reached 67 euro – up to 83 rubles. Now the dollar is trading at 65.5, the euro – around 82 rubles. Against this background, the MICEX index to the end of the session fell for more than 2%, the RTS fell by 10%.
On the morning of December 15 rubles for a while appreciated against the major world currencies, but in the afternoon the dollar and the euro resumed growth.
As of 16:20 Moscow time the dollar on the Moscow Stock Exchange was 60.4 rubles, before that time exceeded the rate of 61 rubles, reports “Interfax” .
As of 19:30, the dollar exchange rate exceeded the level of 63 rubles, and the euro – 78.
At 20:06 the dollar was worth 64.30 rubles, euro – 78.87 rubles. According to PCH , about eight o’clock the euro broke the historical high, reaching 80 rubles.
- “Rosneft” promised not to spend “a penny” to purchase foreign currency
- Analysts described the “triple bad luck” Russia
It became known yesterday that OPEC decided not to cut production levels even in the event of a further drop in oil prices. This put additional pressure on the ruble. Provided support for the Russian currency intervention of the Central Bank, which since the beginning of the month sold the currency by nearly $ 5.5 billion. In CBR warning , that in 2015 the rate of economic growth will fall by almost 5%, if the oil price will remain the same.
“Rosneft” promised not to spend “a penny” to purchase foreign currency
On the background of a sharp depreciation of the ruble, analysts discuss the information held “Rosneft” mysterious and scale accommodation bonds in Russia. Last week, on December 12, this newspaper reported “Kommersant” .
As it became known on December 11, “Rosneft” placed bonds by 625 billion rubles with a maturity of 6 and 10 years. The first coupon rate for all securities is the same – 11.9% per annum. The same rate of return will remain on a piece of paper in the payment of the second – fourth coupons, and the fifth and sixth to fall to 10.9% per annum.
Then the newspaper gave several explanations urgency and volume of the loan – from the immediate repayment of large loans to support production and privatization of state-owned.
However, on December 15, the company called the official reason for the placement. “Attracting ruble bonds” Rosneft “is made exclusively to finance its projects in Russia,” – said in a message “Rosneft”.
“The Company generates sufficient cash flow in foreign currency in order to carry out current payments on their credit obligations”, – the report says the company. In the “Rosneft” stressed no one ruble, attracted to the program placement of bonds, will not be used for the purchase of foreign currency.
Analysts described the “triple bad luck” Russia
The victims of the Russian Federation in the oil war evaluates and Western press. According to an expert on Russia Anders Aslund, Russia touched “triple bad luck.” “Firstly, it is an internal policy, protectionism connecting with crony capitalism.
Second, Western sanctions: Russia does not have the possibility to refinance foreign debt, while the state reserves are melting rapidly. This makes Russia even less able to cope with the third factor of bad luck: the fall in oil prices. ” The price of oil depends on the ruble exchange rate, and a low rate, coupled with protectionism will lead to even more inflation than forecast, he writes in Los Angeles Times .
Last week, the price of WTI crude oil fell below $ 60 a barrel – “this is great news for those who regularly commute to work from a distance, as well as for the majority of businesses, and unusually bad – our worst enemies, “quoted The New York Post InoPressa .
Russia, according to the newspaper, along with Iran and Iraq, will be one of the main victims of the current dynamics of the oil market; Venezuela, Brazil and Nigeria will touch on a tangent, and China, America, India, Mexico and Canada decline in prices, in contrast, would benefit.
The fall of oil prices, according to the newspaper, due to the policies of Saudi Arabia, which “really kind of a reaction to the energy renaissance in North America, but more important is another motive – to break the will of Iran.” Saudis, continues the analyst, “and do not like Russian,” because we are interested in the shift of Assad in Syria, while Russia supports it.
Vladimir Putin, who must have “actually wartime economy”, the drop in oil prices had a very out of place, the article says: Russian army re-equipment program “can not afford”, and instead of the promised improvements “useless Russian health care system “already dismissed health workers and closed hospitals .
The ruble, the same way as a long-term weakening trend of retreat of oil, and the fact that market participants concerned about the insignificance of the Russian Central Bank intervention in defense of the ruble.
The reasons for the fall of the ruble should also be sought in the lack of confidence in the monetary authorities’ policy, in the flight of capital from Russia, in the decline in investment activity and sanctions that have isolated the country from foreign exchange inflows.
businessman and former members of the government speak louder about what happened in the Russian crisis of confidence, any word or action of the authorities, even seemingly positive, only exacerbates the problem. Among the measures that could stop the fall of the ruble, experts have called, in particular, the change of internal policy that would stimulate entrepreneurial activity and restore the confidence of the private sector in the economic position of the authorities.
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