Rus News Journal

The Central Bank confuses a course

the currency market

Yesterday dollar in Russia reached record heights - 29,095 rbl./ $ that became the maximum value for last five months. The dollar rate increase is promoted by the Bank of Russia uncompromisingly breaking recently declared it concept of regulation of the rate of exchange.
yesterday in the Russian currency market the next record has been established. The dollar rose to the maximum mark since January, 9th - 29,095 rbl./ $. In comparison with opening of the auctions growth of its course has made 11 copeck Meanwhile the auctions which have taken place on Tuesday, optimism to bulls could not add. Then the Central Bank has interrupted dollar exchange rate growth, having exposed the demand for $200 million sale at level 29,02 rbl./ $. But yesterday the spirit of traders on dollar growth was from the very beginning felt. probably, separate participants knew that the Central Bank in the market will not appear: from the opening there were big prizes on purchase of dollars - the chief of department of conversion operations of Bank of Moscow Sergey Chernjakov has declared. The Central Bank in the market really has not appeared, and the course has smoothly reached level of the beginning of January.
thus, the Central bank has essentially raised volatilnost the internal currency market. Meanwhile its actions last days disperse with declared recently it a policy. If to start with aspiration of the Central Bank to observe correlation of a dollar exchange rate in the international market with a course in the Russian market at growth of an euro exchange rate the rouble exchange rate should grow, and at falling - to fall. While it turns out exactly on the contrary. On Tuesday the euro exchange rate fell, and in Russia of the Central Bank has not admitted rouble exchange rate falling. Yesterday the euro exchange rate has grown approximately on 1 %, but Bank of Russia falling of rouble did not limit. Decrease towards the end of day of a dollar exchange rate for 2 copeck, and that only after an exit of the disappointing data on the foreign trade deficiency of the USA was unique direct reaction to euro growth. the Central Bank is now absolutely unpredictable. Moreover, it leaves open space to speculators as the idea of accurate correlation of a course demands its participation as bilateral marketmejkera - the head of department of the financial markets of MDM - bank Victor Zhidkov considers.
At the same time the price for oil and consequently, and receipts of an export gain are at record-breaking high levels. It is not felt also an overabundance of roubles - yesterday rates on one-day MBK reached 7 % of the annual. So continuation of growth of a dollar exchange rate does not look inevitable.
ALEXEY - BAJBAKOV