Andrei Goncharov
Chief Executive Officer, OJSC Pervobank
Successive changes in the exchange rate policy that the Central Bank conducts have in general a positive impact on the foreign exchange market. The freer the rouble in its manoeuvres, the fewer opportunities in the market to earn on insider information and the more the current exchange rates objectively and adequately reflect for the fundamental value of the national currency. Less active position of the Central Bank allows to avoid additional pressure on the rouble liquidity through foreign exchange intervention. Moreover, time for the next change is selected quite well, now they do not lead to increased volatility in the market.
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Stepan Tchitipakhovyan
Chief Executive Officer, Transstroybank
These changes in the exchange rate policy are implemented within the framework of the transition to a floating exchange rate by the year 2015 previously announced by the Bank of Russia. This decision may result in increased volatility of the rouble rate and in a tense geopolitical situation the rouble weakening trend will continue.
In the near future the geopolitics and monetary policy of the Bank of Russia will act as relevant factors in determining the manoeuvres of the rouble.
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Aleksey Ovchinnikov
Vice-President, Ural Bank of Reconstruction and Development
It will not have a significant impact on the foreign exchange market. The Bank of Russia still seeks inflation targeting, and from this point of view the decision on further liberalization of exchange rates formation mechanism is clear: increasing the boundaries of the currency corridor from 7 to 9 roubles, reducing the maximum volume of foreign exchange interventions of the Central Bank. Of course, such a decision can cause high volatility in the foreign exchange market, but anyway the exchange rates will be determined based on the cost of oil and the geopolitical situation.
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