The central bank will try to meet the demand for dollars
The central bank will intensify its resources in the current situation with the lack of foreign currency. The regulator has announced the launch of operations "currency swap"Which will last only one day. The acute shortage of currency Central Bank will try to meet the high demand.
Operation "currency swap" It implies that the Central Bank sells first currency counterparty and later buys it back. Bank of Russia operations provide two options for the calculation: "today Tomorrow" (Today / Tomorrow) and "tomorrow after tomorrow" (Tomorrow / Spot). In the first case, the amount of operations will be $ 1 billion, and the second embodiment – twice. It is already known, and the rates at which these operations are carried out. As part of the transaction Ruble set at CBR rate minus 1%, the currency at 1.5%.
"the available tools of the Moscow Stock Exchange will be used to carry out these transactions. These operations are aimed at expanding credit organizations ability to manage their own short-term currency liquidity and will be carried out at fixed interest rates", – stated in the Bank of Russia.
Due to Western sanctions, Russian companies have been unable to hold the currency on the open market, and with it the opportunity to refinance current liabilities in euros and dollars. Well, since most of the repayment falls in September, in these days the demand for currency is particularly high. Against this background, on the eve of the ruble has updated historic low against the dollar, reaching the mark of 39 rubles per dollar. However, after reports from the Central Bank of the ruble began to regain lost ground and by the end of the day, even managed to strengthen by 0.15% in the pair.
It is worth noting that a greater volume of repayments to foreign currency debt of Russian companies to be in December, but with the innovation of the Bank of Russia can be assumed that the currency market at the end of a year of panic can be avoided.
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