Indicatorspast week the dollar for three jumps - on Monday, environment and Friday - has risen in price at once for 20 roubles. If to remember that within all August the course fluctuated within two - three roubles, it becomes clear: the period of stability supervised by the Central Bank irrevocably has come to an end. Antirouble stockjobbing obviously is a success. The volume of initial demand at the daily auctions of the Moscow Interbank Stock Exchange quite often approaches to a $100 million mark, and the Central Bank any more in a condition to bring down this wave by dollar interventions. Therefore the Central Bank gradually recedes: last week only in one of days the currency offer exceeded demand.
the beginning of growth of dollar has led to revival of the market of credit resources. At last auctions the average rate on 3 - to monthly interbank credits has grown on 3 - 4 points and has reached 190 % annual. It was to be expected, as in the conditions of dollar exchange rate growth demand for the roubles necessary for currency gamble increases. Increase of the rate of refinancing could limit this demand and slow down rouble falling, however the Central Bank does not hurry up with this step.
as at the moment additional institutional measures of regulation of the currency and financial markets are not used, it is difficult to assume that the tendency to a rise in price of credits and currency will undergo any changes. Thus that all rises in price, will rise in price both dollars, and credits. And in consumer sphere from the beginning of month inflation has received new acceleration. We will tell, the prices for articles of food have grown for the first week of September on 6,1 %.
Events in the market of the state exchequer obligations developed on already known plot. On the threshold of the next auction dealers liberated necessary for participation in it monetary resources. Therefore average courses of all released bonds last week have gone down, and the profitableness calculated in relation to dates of repayment, on the contrary, has raised.
On Tuesday this week auction on primary placing of the fifth release will take place. This time the Ministry of Finance has defined the top border of issue at level 15 mlrd roubles. However the Ministry of Finance most likely will not go on increase of level of profitableness of exchequer obligations, and thus hardly it will be possible to place bonds more than on 10 - 11 billion
Tactics of the Central Bank concerning bonds of the state loan of 1991 remains invariable: profitableness of a series “ April “ increases on 0,5 - 1,0 percentage points, profitableness of a series “ October “ goes down on 10 - 12 points in a week. To October “ special week “ there was not enough time, and the Central Bank can quite achieve that financiers will refrain from purchase of bonds of a series “ October “.
after summer calm trade in privatisation checks Again returns to normal. For a week on RTSB it has been sold about 220 thousand vouchers. Day by day the quotation of the privatisation check fluctuated, raising, going down a little, but as a whole the voucher course on - former has an obvious positive tendency. For last week he has grown on 1,5 %.
the Strip have prepared SERGEY - SMIRNOV and ANDREY - SHMAROV