People who are far from the economy, financial relations and the banking sector, did not know that from February 1, 2005 the Central Bank of Russia to regulate the use of the ruble value of the currency basket.Why use this method than it is good, and what are its negative aspects, we shall understand in this article.
formula for calculating
currency basket in simple words - is the ruble against the US dollar and the euro.Dollar is given greater preference, and BC's share is 55%, and the euro, respectively, 45%.That is, in order to calculate the value of the currency basket, you must use the following formula:
0,55 * current exchange rate of the US dollar according to the Central Bank 0.45 * current euro exchange rate according to the Central Bank.
In this formula calculated rate since 2007.That is
currency basket in simple words - it is a way to find out the demand for the Russian ruble in relation to a certain proportion of the dollar and the euro.
corridor of the currency basket
There is such a thing as a floating dual currency corridor.The Central Bank sets the acceptable limit values for the course in which it can oscillate in the direction of decreasing or increasing.When the output value of the limiting boundaries of the currency basket of the Central Bank regulates activities to stabilize the exchange rate.This practice helps to keep the value of the Russian ruble at the appropriate level to maintain producers exporting to foreign countries.
can say that the currency basket in simple words - a way to stabilize the Russian ruble, which is used by the Central Bank.This method is determined by the real exchange rate of the ruble against the two most common currencies, which makes it possible to understand the value of the domestic currency in the international market.
idea to introduce effective exchange rate of the Russian ruble came back in 2003.The nominal exchange rate had to be adjusted according to inflation indices, both internal and external, as well as compared with the shares of various foreign currencies, which are involved in trade operations of the Russian Federation.
First Central Bank focused only on US dollars during its policies, but over time this approach has lost its relevance and there was a need for a comparison with other ruble stable currency - the euro.This occurred against the backdrop of the weakening of the dollar and strengthening the position of the European common currency when making international payments.
Due to the fact that generally used in the trade US dollars and the euro, the calculation of this figure was reduced to ruble compared it with those two currencies.
get away from dependence on the dollar
Central Bank wanted to reduce the influence of the US dollar exchange rate, so that it is less dependent on the fluctuations of the foreign currency.For this purpose it was created the currency basket, which has become a benchmark monetary policy of the Central Bank of the Russian Federation.
When the currency basket has just appeared, was given to 90% dollars and 10% - the euro.And gradually the proportion of influence on the course of the dollar declined and the euro increased to 8 February 2007 highlighted the rate that applies today.
wanted to increase volatility
Increase of the euro in the calculation of the currency basket was made in order to reduce the volatility of the ruble, that is to make the Russian currency easily convertible.Currency basket in simple terms - the so-called benchmarks against which the Central Bank is building its foreign exchange policy.
In fact, the two are calculated bi-currency basket.The first - the one mentioned above, the calculation of which is to find out the value of the ruble in relation to the US dollar and the euro.The second Russian currency basket used to calculate the real exchange rate based on the exchange rate of those countries with which Russia has any commercial relationship.
Increasing the share of the euro has not reduced volatility
time shows that the decline in the share of the dollar in favor of European currencies helped reduce the volatility in the short term.Against the background of the fact that the Central Bank is trying in all ways as possible to fill the reserves, in June 2015 the Russian ruble has been recognized as the most volatile currency.
should be understood that the greater the central bank buys foreign exchange, the more he launches rubles, which helps increase the supply demand while maintaining the same level.It is said that to reconsider the policy of the Central Bank may make a sharp drop in the ruble, that is a significant excess of the upper limit of the corridor of the currency basket.
central bank must constantly monitor changes in the value of US currency, and the euro area.Experts say that the proportion of the impact of foreign currency must be dynamic and subject to change depending on changes in the volume of trading, which are carried out with these countries.
Oil prices struck the ruble
sharp decline in oil prices dealt a severe blow to the ruble exchange rate against other currencies.But to resolve the situation without serious loss of policy flexibility allows dual currency corridor.This means that when necessary, the Central Bank of the Russian Federation, a lower threshold reduces or increases the top.Painless to conduct such operations allows a large gold reserves, which is used in the most critical moments.
cost of the currency basket is not something more than just a landmark.Real exchange rates are determined by trading on the Moscow Interbank Currency Exchange.The course today is determined by the results of trading yesterday.Compared to other bidders Central Bank is the clear leader, and that by his actions depends currency fluctuations.
Mercantile Exchange sets sights
It would seem that the course is set as a result of trading, that is, market methods, but because of the number of large-scale resources such person as the Central Bank, it will set a course acceptable to him.Due to the fact that the Russian Federation is the third place in terms of gold reserves in the world, the central bank is able to protect the ruble from virtually any speculation.
is not absolutely negative factor in this situation, when the rate of the currency basket decreased.Any economist knows that the more expensive it becomes ruble, the more expensive it will be Russian goods abroad, and as a result, retailers will be faced with more and more competition.Therefore, sometimes a little beneficial to weaken the currency to more successfully sell goods abroad.
And, apparently, for the population of the other way around: profitable, when the ruble is strong, that is, increasing purchasing power, but in any case, if the industry will lose their markets abroad, it will lead to a reduction in production, jobs, higher unemployment andother unpleasant consequences.This is an undesirable result of the policy of the Central Bank, so that the effects of such government will always be avoided.
The state will always try to find a compromise between the exporters and ordinary people who want to buy something abroad.And this will always help the Central Bank currency basket, with which you can always see the real price of the national currency.