From January 13, the Central Bank begins to receive Chinese yuan under the budget rule. IT should from the editor’s press release. As stated in it, transactions will be carried out on the Moscow Stock Exchange. Trades will be made in the currency section of the “Chinese yuan-ruble” pair with settlement terms “tomorrow”.
The Central Bank of Russia noted that in order to minimize the impact of these transactions on the dynamics of exchange rates, the regulator will buy and sell them equally in the market on each trading day of each month.
Former economists and financiers discretion the effect of this mechanism on the dynamics of the ruble exchange rate. According to them, foreign exchange transactions under the budget rule will help strengthen the ruble against the yuan, dollar and euro. Some experts did not rule out a 2% strengthening of the ruble against these currencies.
Earlier, Yevgeny Mironyuk, stockbroker of the financial holding “BCS World of Investments”, in an interview with “socialbites.ca” he paid attention To the fact that the ruble exchange rate will fluctuate before the Central Bank starts its foreign exchange purchases and that foreign exchange purchases will soften this effect according to the budget rule.
Egor Susin, managing director of Gazprombank Private Banking, agreed that the resumption of interventions will make the ruble less volatile.
“There will be no big fluctuations like last year. When they reach tens of percent in a short time. One dollar will cost 65-67 rubles” noted Susin in an interview with Forbes.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.