Yesterday, the dollar and the euro rose again compared to the ruble. One euro was worth 48.31 rubles and one dollar, 35.22 rubles. The day before, the Bank of Russia moved the boundaries of the floating corridor by five cents, this was the conclusion made according to the controller materials. But experts do not undertake to predict a sharp increase in currency value against the ruble.
Meanwhile, according to the head of the banking section of the All-Russian public organization of consumers ' union to protect the rights of consumers of financial services, Mikhail Belyaev,“the ratio of exchange rates reflect the dynamics of the efficiencies of two compared economies. What can we see in the ratio of efficiency, if we compare the ruble and the dollar? Of course we will not bury our economy immediately, but still we will see low growth. We will see that there is no significant increase of efficiency of the economy. We do some restructuring, but so far the effect is not visible. This is also evidenced by the inflation that we have at the level of 6-7%. And inflation is the fever of the economy. So all this shows that there is something wrong with our economy, and, therefore, there is something wrong with the currency.”
“The currency was only supported by the Central Bank intervention. But the real rate fixing is happening in those areas of the foreign economic sphere, where actual tradable goods come together traded in oil, raw materials, where we have no problems,” Mr Belyaev reminded. “So it gives us a normal financial performance. But it's not just about them, it's also about the deeper aspects of the economy. And now, the removal of interventional backup, as well as information activities of the Central Bank, brought about this excessive demand for foreign currency. What happens next is what always happens in cases of excessive demand. We have had such situations many times. People hurried to ravage exchangers, whatever the currency rate is, they are ready to take it for any rate. We have missed this equilibrium and the natural course where we should have stopped. It is possible that it will fall back again, but I don't believe it will return to the values of 28-29, because the accumulation of such fundamental contradictions just put up a new equilibrium level, where the rate will stick for a while.”
