Russian banks are betting on strengthening the ruble for no apparent reason. We decided to ask Alexei Vyazovsky, vice president of Golden Mint, how this will affect the economic environment.
"It potentially puts a mine under the exchange rate. If the hole is growing, sooner or later it will lead to the need to balance it. Usually the Central Bank monitors such things: we have ten major banks that make the whole banking system, nine of them are state banks. They are called on the carpet and asked - they themselves play a currency position against the ruble. "Because it creates excessive pressure," said Vyazovsky.
He explained that the financial authorities are interested in weak ruble.
"Both the government and the regulator itself, which should deal with these issues, are interested in making the ruble fall. The government earns Br100-120 billion on each fall of the exchange rate by 1 ruble. Is it bad for them? Our currency is institutionally weak, it will continue to fall. Everyone has an interest in its fall except for the citizens - exporters and the government, which receives exchange rate profits," he said.
According to the expert, this situation could have a negative impact on the purchasing power of the Russians.
"We have to wait for the ruble to fall. It will be positive for exports, and negative for citizens. Because in the stores we will pay a devaluation tax. Half of the goods on sale are imported - they are bought for foreign currency. Accordingly, when the ruble falls against the dollar and the euro, all dealers, retailers make a revaluation, we see inflation," he said.
Recall that earlier it was reported that negative net foreign currency assets of the banking sector reached a historical maximum of $15 billion on May 1.
As explained by the head of the analytical department of the BCF bank, Maxim Osadchy, currency liabilities of banks now exceed their currency assets. "Essentially, banks are betting, without taking into account their off-balance sheet positions, on strengthening the ruble," he was quoted as saying by RIA Novosti.
Made in Russia // Made in Russia
Author: Maria Buzanakova