The European Central Bank in July will launch a second program of quantitative easing (TLTRO II), announced on Thursday, ECB President Mario Draghi. Monthly volume of purchase of assets in the new program will be increased from € 60 billion to € 80 billion.
The first stage of the quantitative easing program was launched in late January 2015. The program involves the purchase of both private and government securities in the amount of up to € 60 billion a month to stimulate the growth of the EU economy and counter deflation, and its total cost was to be € 1,1 trillion.
The new version of the program in addition to increasing the amount of repayment will also expanded the list of assets to buy: in it will be added to Eurobonds issued by non-banks in the eurozone. The new version of the program will be operational from April
. <-! Place 8114387, / business / 2016/03/09 / 8114387.shtml, nm2015 / v2 / article / incut, incut1_link ->
in addition to expanding TLTRO, the Governing Council of the ECB lowered its benchmark interest rate from 0.05% to zero indicator. The rate on deposits decreased to minus 0.4% to minus 0.3% margin rate decreased to 0.25% from 0,3%.
«The experience that we have with the introduction of negative interest rates, was very positive – said the rate cut, Mario Draghi. – Based on the current outlook for price stability inflation, we (the ECB Governing Council -. “Times”) intend to maintain the current policy rates at current or lower levels for a long time »
News. reduction of interest rates and launching of the second phase program of quantitative easing in the euro area immediately collapses the euro, which in the course of trading on Thursday fell to $ 1.0832 per euro.
The Russian ruble is also significantly It strengthened against the major currencies. Dollar for the first time in December 2015 fell below 70 rubles. the dollar, the euro fell to 75.87 rubles.
However, a sharp drop was quickly won back, and to 19.00 MSK dollar and the euro started to rise again. As at 19.30 MSK euro rose to 80 rubles per dollar gives 71.75 rubles
<-.! Place 7933349, / business / 2015/12/03 / 7933349.shtml, nm2015 / v2 / article / incut , incut2_link ->
The Russian currency is feeling much better, analysts say. “In general, since the middle of February, you can observe a marked improvement in the external conditions for the ruble (in comparison with the beginning of the year), which is reinforced by the absence of a fundamental demand for currency liquidity in the domestic market – said” Gazeta.ru “a senior analyst with IC” Veles Capital “Yuri Kravchenko. – So, corporate foreign debt payments per month are distributed evenly throughout the first half of the year, and their actual amount (ie taking into account intra-group debt refinancing) will go unnoticed for the currency market. In turn, despite the statements by the Bank of Russia about the need to reduce the foreign currency component in the banks’ balance sheets, the controller is limited to “a little blood” (raising reserve requirements for foreign currency liabilities), allowing its major currency borrowers, banks fully refinance the debt. “
However, among the factors that can have a negative impact on the ruble, it is worth mentioning the Fed meeting, which will take place next week.
recently, there is good data on the US economy, and it can become an impetus for the Fed to further increase the rate, which will lead to an outflow of capital from emerging markets, the expert BCS Ivan Kopeikin.
an estimated Kravchenko, in soon the oil price will fluctuate in the time range of $ 37-42 per barrel. In this case, given the lack of basic needs in the foreign exchange liquidity in the domestic market in the ruble would be a good chance to be near the level of 70-71 rubles. against the dollar, even if finding the oil price at the lower end of the announced range. In turn, the growth of quotations to the level of $ 42 or higher will allow the domestic currency to test the range of 69-70 rubles.
No comments:
Post a Comment