Rate Key mune mabhanga Russian. The zvazvingava kiyi Central Bank of Russian Federation

Kuwedzera kwezvoupfumi munyika dzakawanda dzenyika kunoenderana sei zvakanaka mutemo wenyika Central Bank. Mumwe mukuru zvishandiso vanoshanda munyika dzakasiyana of Central Bank - pamwero inokosha.

Russian Central Bank ndozvakaitikawo. Asi muitiro basa rake, iye rokuti pfupi ichangopfuura, vachiitsiva kwemakore akawanda, mashoko okuti "refinancing unodiwa." The zvazvingava chikuru wava mumwe chikuru regulators hwenyika iri pachishandurwa kuva nyaya gakava pakati zvemari vanoongorora zviri mumusika. Kune nyanzvi vanoona sechinhu kuti, munyika dzakabudirira, anozivisa chikuru vectors pakati macroeconomic murau, vachibvumira nezvaunoisa pakutanga pakushandisa upfumi mamiriro. Ichokwadi ichi? Naizvozvo ari ushandiswe kwazvo noruoko nyanzvi basa kiyi mwero Central Bank? Zvichida zvachose pasina mufananidzo kushandiswa nezviremera chete kuti zviito zvavo?

The zvazvingava kiyi Central Bank - Chinyiko?

rate Key - tsika kuti zvikuru mari zvikoro (kunyanya ehurumende-anazvo nechepakati mabhanga) nyika takatsunga nokuda kwezvikwereti (deposits) wakabudiswa private mabhanga. Vane imwe ukoshi. Izvi chishandiso zvemari unokubvumira kuva zvakananga kukanganisa mitengo, uyewo National mari emaoko.

Kana, somuenzaniso, inokosha CBR zvazvingava rinobuda, shure kweizvozvo, maererano nedzimwe nezvoupfumi, kuwedzera mutengo zvingaitika Ruble pamusoro dhora uye euro, achiperekedzwa vasanyanye mitengo.

Kusiyana kubva refinancing mwero

In kuwa 2013, vaongorori vakawanda Wakacherechedza utsanzi nomutemo wemadzimambo Central Bank of Russia: iri refinancing mwero akarega kuva chikuru chinoratidza nzira iri tsika zvemari. The Central Bank akasarudza kuti chinonyanya kukosha chakarurama nokuti upfumi - vanonzi zvazvingava anokosha. Maererano naye, musimboti bhengi hunopa liquidity munguva kwevhiki. The refinancing zvazvingava uye mwero kiyi - kwete zvakafanana, asi mashoko okutanga kwete Central Bank chikwereti chose - icharamba kushandisa kusvika 2016.

Pakazosvika nguva kukosha kwayo kuchaita swatanudza pamwe indekisi yechipiri. Vakaongorora zvimwe mabhanga vanodavira kuti kwakadaro nomutemo wemadzimambo Central Bank rakanyatsojeka dzinongoitika: nevhiki repo Auktionen - kupfuura zvakakurumbira munyika zvemari maitiro, uye kuti nhamba huru anogona kukubatsira kuona chaiwo mutengo mari kuti runodzingira pamusoro kuchengetedzeka pamusika. Nepo refinancing zvazvingava, vaongorori vakati, yainyanya INDICATIVE.

Taylor mutemo ari Russian upfumi

rate Key vari nzwisisika muenzaniso zvoupfumi zviratidzo, kushanda anonzi Taylor utongi. Chinotaura ruzhinji Central Bank dzimwe nyika, achiumba kufarira prices. In Taylor kuti wevacheche, pane zvinhu zvitatu zvinoratidza: mitengo, zvoupfumi kukura uye, sezvo prices akadaro. Zviri nyore kuti kuverenga optimum ukoshi neimwe, achiziva vamwe vaviri. Somuenzaniso, nokuti kuwa 2013 zvaizova kwakanaka kukosha kiyi mwero kuti 5,6-6,3%, pahwaro GDP uye pamwero wenyika mitengo muRussia. Zvakaratidza kuti vokubhengi Russian kusvika Western zvinodiwa kunzwisisa mitemo dzezvoupfumi.

Rates mu Europe

rate Key, sezvataurwa pamusoro apa, zvinoshandiswa dzakawanda rwezvemabhengi enyika munyika, kusanganisira muEurope. mutengo Kuyerera kwadzo kudzika zvikuru pane kuRussia - yava ECB unoshanda chete tsika asingasviki 1%. Regulation neEuropean Central Bank chakagadzirirwa kuvandudza mamiriro upfumi chikamu ichi munyika. The ECB ndehwokuti kutora kusarudza rubatsiro nechikwereti uye nemari masangano Europe uye EU zvikurukuru.

Nyanzvi dzinoti dzimwe nguva panogona kuva asina kunaka mvumo prices - nayo kunogona kukanganisa anomukweretesa. Banks, vaibvumirwa kupinda chisingakoshi zvikwereti, vanogona, akavapindurawo, aivabatsira risiti mari kubva National anokwereta - vanhu uye masangano pakupedzisira chichabatsira kuderedza urovha uye zvokonzera kukura kwoupfumi. Pakati nemigumisiro yakaipa pakatanga kunaka kufarira prices akataura zvinotevera: pane mukana kuti nhamba chaiyo kudzoka kubva kumahombekombe deposits vemunyika anogona kuderedzwa.

The zvazvingava anokosha muRussia

Chinokosha CBR zvazvingava, uyewo Europe - mumwe zviridzwa simba National upfumi. bhangi pamutemo tsika mu Russia anoziva apo ukoshi yaro yakawedzera kuti wandei zvegumi pfungwa. Somuenzaniso, pakapera April 2014 ari Board Directors of Central Bank akasarudza kuwedzera kiyi chimbadzo kubva 7% kusvika 7.5%. Danho iri musimboti pamahombekombe akatsanangura kuti achinja zvakawanda mitengo. Kana mishomanana pamberi ayo chipfuro pamwero yakanga kumativi 5% pakazopera 2014, kuti panguva nokugadzirisa mwero kiyi Central Bank netarisiro vava chimwe zvimwe tariro.

Zvinhu zvinochinja fungidziro dzavo, musimboti bhengi inonzi vashoma; simba rinomutsa ari Ruble Gengi, uyewo vanoshorwa ezvinhu ari yokumwe munhandare vamwe mapoka chigadzirwa. Vanoongorora vanoti kuti Central Bank ari kuita anonzi concessional refinance apo zvikwereti vari chikwereti uye mari nemasangano pamwero yakaderera pane kiyi interest of CBR.

Yaitaurwa nokuti achideredza nhamba anokosha

Opinions pakati nyanzvi panyaya Russian Central Bank wokuti panyaya kiyi prices zvakapatsanurwa. Kune vatsigiri chinyorwa kudiwa kudzikisa kukosha pamutemo chiridzwa ichi. nharo dzavo chikuru kunobva pakuti slowdown munyika zvoupfumi njodzi sezvarakakwirira kupfuura avo nechokuita mitengo. Naizvozvo, kana Bank of reRussia kiyi zvazvingava rinobuda, zvinogona kuva inokanganisa pamusoro simba pamusoro GDP. Uyezve, kuti kuitira kuderedza kukosha kwarwo, nyanzvi dzinodavira, zvinokosha ezvinhu. Chokutanga, vaongorori vanoti, uye kana mitengo iri kupfuura zvaaitarisira tsika, hazvisi zvakawanda - zvinogona kutarisirwa kuti pakazopera gore zvichaita kwakafanana 6-6.5%. Izvi dzakaitika maonero zvakajairika kuti Russian upfumi nemifananidzo. Vamwe vatambi vabayire nhandare enyika kusvika nesungano pakati hurumende uye Central Bank zvikuru: kubudikidza chaiye zvikwereti mhando. Munguva ichangopfuura, kwakadaro chirongwa yave kuzviisa pasi Duma, uye maererano nazvo kuisa mberi mirayiridzo Central Bank: inoenzanirana chikuru hazvigoni kuisa kupfuura 1%. Maererano initiators ari bhiri, magetsi tsika hatibvumiri masangano kutora zvikwereti iripo, sezvakaita vakawanda dzakabudirira.

Mibvunzo yokumutsa zvazvingava anokosha

Kune vamiririri nyanzvi munharaunda zvakasiyana nemaonero - vanodavira kuti chinhu chinokosha chimbadzo anofanira akawedzera. Mukuona kwavo, usatarisira kunobatsirawo Kuwanikwa chikwereti somunhu pasi ndivo vaizova chaizvoizvo nyore chete makambani makuru. Small uye svikiro emakambani aigona akanakisisa kuvimba kukosha 6-8%. ezvinhu akadaro, nyanzvi dzinoti, nokuda njodzi kuti vari kuronga pamwero muduku. Uyezve, kushushikana vaongorori, nokuti kiyi mwero Central Bank - ane nhumbi simba pamusoro mitengo, uye kuderera mitengo yayo kureva kuvasiya kudzora.

Zvaifungidzirwa pamusoro kiyi mwero Central Bank of Russian Federation

nezvoupfumi zvakawandisa vanodavira kuti Bank of Russia vacharamba kudzikisa mutengo unokosha. Kunenge kuti iyi muitiro zvichava kuoneka yechipiri yezana 2014 - kunze, Chokwadi, upfumi hariwaniki matambudziko kamwe kamwe. Zviremera vanotarisira kuti mitengo achaita kunetesa kumhanya (uye chinhu ichi - mumwe mukuru ari kwacho kuziva tsika of Central Bank mwero kiyi), kuti Ruble rave akagadzikana, ari kudiwa deposits vari National mari kuchawedzera. Uyewo, pazvese, zviri kutarisirwa gohwo rakanaka zviyo.

Naizvozvo, nyanzvi dzinofunga magetsi mutemo of Central Bank zvichida makasimba kupfuura chinangwa waiti kumusika. Vamwe vaongorori vanodavira kuti mashoko ari Central Bank kuti mwero anofanira hwakawedzera, kungava kuedza ekuderedza mitengo makuhwa. Zvisinei, kutaura chokwadi, Central Bank pasina chikonzero chokutarisira mutengo kunowandawo, asi nekusiyana, vachava pasi kururamiswa. Maererano neizvi, remangwana rakanaka vanotenda nyanzvi, mwero anokosha 2014 haazorambi kumbotambudzika zvinokosha nokufamba mudenga: zviri zvikuru zvingangoita kuti Bank of Russia rwaizoda kuderedza nayo.

The political chinhu

Vamwe vaongorori of rwezvemabhengi zvekutepfenyura dzinotaura kuti zviito Central Bank anogona kudzora chinhu ukama Russia nezvimwe inoti. Kana zvisingafadzi. mamiriro ezvinhu ari vatorwa nomutemo Arena anogona zinyekenyeke Ruble, uye misoro vachabviswa munyika. Mitengo kuchawedzera. Asi kana mune dzakawanda ukama vacharamba nekaupenyu kugadzikana (rimwe chikuru nzira chiri isiri chipingaidzo munyaya Russia muUkraine), tine chikonzero chakanaka chokutarisira kuti tirambe nhamba kiyi Central Bank panguva ano tsika.

Vanoongorora vanoti vanofanira kupa kuva muna Mupfungwa dzavo, chetsika slowdown iri mitengo mumwaka wechirimo. Ivo vanotarisira kuti Central Bank, vachiona kuti mutengo murege kukura, achaita Musazvicheka mapato zvavhundutsa zviri yokudzora zvazvingava anokosha. Panguva iyoyowo, vatsigiri maonero ichi dzinotaura kuti Central Bank vachiri kuderedza mwero kusvikira pachiyero 5.5%. Kunyange kwenguva refu.