The decision of the Central Bank (CB) of the Russian Federation to develop additional procedures for establishing official exchange rates of foreign currencies against the ruble is due to the risks associated with a potential halt in free exchange trading in the same dollar on the Moscow Exchange in the previous format. Vasily Karpunin, head of the information and analytical content department of BCS World of Investments, told Izvestia on October 3.
“Accordingly, new metrics will be needed to determine the course. If now it is based on exchange transactions, then in the absence of them in the future, the Central Bank will rely secondly on bank transactions (with clients and other banks) and thirdly on over-the-counter transactions. In the meantime, trading on the Moscow Exchange is taking place, nothing changes,” he said.
At the same time, Freedom Finance Global analyst Vladimir Chernov told Izvestia that additional procedures for setting exchange rates are necessary to stabilize and reduce volatility in the foreign exchange market.
“Among the pluses is the possibility of changing exchange rates regardless of the situation on the international currency market. Stabilization of rates is also necessary for planning and predictable business,” he said.
The expert also did not rule out that additional procedures could be introduced to reduce the impact of geopolitical factors on exchange rate formation.
“Among the minuses is only an artificial rate, which will still be tied to the results of trading on the Moscow Exchange, so it can be considered quite legitimate. But it can help to avoid the so-called “intraday noise”, sharp fluctuations within one day,” Chernov added.
The analyst believes that the new measures of the Central Bank will be in effect until the influence of geopolitics on exchange rates fades away.
The fact that additional procedures have been developed for establishing official rates of foreign currencies, the regulator said earlier in the day.
For calculations, the Central Bank plans to use alternative data sources – bank statements and digital platforms for over-the-counter trading.
Earlier, on September 29, Natalya Milchakova, a leading analyst at Freedom Finance Global, did not rule out the possibility of stopping exchange trading in US dollars and euros. At the same time, Valery Polkhovsky, a senior analyst at the Forex Club Group of Companies, called it unlikely that exchange trading in these currencies would stop, despite the fact that they “are becoming more and more” toxic “.
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