Wednesday, December 17, 2014

Russia to take measures to stabilize currency market

The Russian government has worked out measures to stabilize the currency market, Economy Minister Alexei Ulyukayev said Tuesday.

"We think that the current exchange rate does not correspond to fundamental macroeconomic conditions...We have mapped out a set of measures, which should help stabilize the situation," Ulyukayev said after a government meeting chaired by Prime Minister Dmitry Medvedev on financial and economic situation.

The situation is very complex but "we are neither the first nor the last one to pass through similar circumstances," Ulyukayev said, adding that "it is important to ensure the unity of actions taken by the Central Bank and the government."

The Russian Central Bank would take measures aimed at increasing foreign currency liquidity supply on the domestic market in order to ensure "greater balance between demand and supply on the domestic foreign currency market", Ulyukayev said.

According to Ulyukayev, the focus of refinance would be changed from ruble to foreign exchange by increasing foreign exchange offers and decreasing foreign exchange demand via free ruble assets.

The meeting also discussed measures of regulatory supervision over banks and support for qualitative borrowers, Tass news agency quoted Ulyukayev as saying.

"It is very important to support the banking sector and guarantee uninterrupted banking operation to ensure rapid settlements and provide lending to qualitative borrowers," he said.

Ulyukayev added that necessary legislative amendments were also discussed with regard to the recapitalization, greater supervisory and regulatory control of Russian banks.

Russian Ruble tumbled to an all-time low versus US dollar on Tuesday, with the exchange rate once hitting 80 rubles per US dollar and 100 rubles per euro in Moscow trade.

Ruble has lost nearly 50 percent of its value against US dollar and euro since March, despite several currency interventions of the Central Bank.

 Source: Xinhua -


  1. Rusia venderá hasta US$ 7.000 millones para sostener al rublo ...

    El ministerio de Finanzas de Rusia anunció que comenzó a vender parte de sus divisas extranjeras para apoyar un rublo que juzga "extremadamente infravalorado". Según un vocero del Gobierno, podrán destinarse hasta US$ 7.000 millones: "Venderemos tanto como sea necesario", dijo.

    Tras el anuncio la moneda rusa se recuperó levemente. Hacia las 10H00 GMT, un euro costaba 85,40 rublos, frente a los 85,15 del martes. Un dólar se cambiaba por 68,45 rublos, frente a los 67,88 del cierre anterior. El índice RTS de la Bolsa de Moscú subía hasta 4,97% tras haber perdido 10% en los dos últimos días....................

  2. The Telegraph: The Russian billionaires burned by economic squeeze ...

    Russia's wealthiest have been left somewhat poorer by a worsening outlook for the economy. The country's 20 richest people have been left $10bn worse off, according to Bloomberg analysis, as their assets have been struck by the crisis in Ukraine and falling oil prices..................

  3. Europas Großbanken zittern um ihr Geld in Russland ...

    128 Milliarden Euro Schulden hat Russland gegenüber europäischen Banken. Die werden angesichts der Rubel-Krise nervös. In Deutschland sind die zwei größten Institute am stärksten engagiert.

    Es ist noch nicht lange her, da waren Banken durchaus stolz auf ihr Geschäft in Russland. "Es ist mir eine große Freude zu betonen, dass die Russland-Tochter von Unicredit 2013 wieder sehr profitabel und erfolgreich war", frohlockte etwa der Aufsichtsratschef der russischen Unicredit-Tochter, Erich Hampel. Man habe einen Rekordgewinn verbucht, und Russland bleibe "eines der wichtigsten Länder für die weitere Entwicklung des Unicredit-Geschäfts".

    Man darf davon ausgehen, dass Hampel im nächsten Jahresbericht deutlich mehr Moll-Töne anstimmen wird. Denn im Moment ist Russland auf dem besten Weg, von der Chance zum Risikofaktor zu werden. Das Land leidet unter Wirtschaftssanktionen, vor allem aber unter dem rapiden Verfall des Ölpreises.................


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