In early June 2012, there was another growth in the dollar and euro at the MICEX trading. This causes concern among both ordinary Russians and large exchange players. To make an informed decision on the placement of free funds, citizens and financial institutions need to have an idea of the reasons that lead to the appreciation of major currencies relative to the ruble.
Financial experts believe that the rise in the rates of the American and common European currencies is associated primarily with a decrease in energy prices. July contracts for WTI crude oil are at $ 83.4 per barrel, which indicates a decrease in prices by more than one and a half percent.
One of the possible reasons for the rise in the price of currencies is the analysts of the Vesti. Economy”also consider the insufficient volume of interventions carried out by the Central Bank of Russia. In early June 2012, the Central Bank of the Russian Federation sold more than $ 200 million worth of foreign currency daily, and subsequently slightly reduced this figure. These measures, according to financiers, are only able to stabilize the exchange rate to a certain extent.
The outflow of private capital from Russia should not be disregarded either. Many private investors regularly convert rubles into dollars and euros, and then transfer foreign exchange resources abroad, primarily to Switzerland. According to the head of the Central Bank of Russia S. Ignatiev, since the beginning of the year, the capital outflow amounted to more than $ 46 billion. This situation requires additional conversion of the state's ruble assets into foreign currency. Against the background of a decrease in export earnings from oil sales, these actions objectively increase the demand for the US dollar and the euro, strengthening the position of foreign currency and making the ruble cheaper.
In this situation, the main recommendation for those who do not want to lose their savings is not to panic. The transfer of ruble funds into the growing American and European currencies will not allow them to be reliably preserved in the long term. In addition, part of the funds will inevitably be lost during conversion in the form of commissions. One of the ways to protect ruble savings from depreciation can be the purchase of municipal and government securities with a stable reputation. It is not worth betting on the long-term growth of the dollar and the euro against the ruble. It is obvious that the Bank of Russia will not allow a significant fall in the ruble, using additional foreign exchange interventions to maintain the achieved exchange rate.
