Interesting and humorous - page 220
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the fall of the rouble has already become humour
Looks like it's still getting there. No, Russia is definitely not going to have a Maidan.
Who will end up paying that kind of interest? Answer options for the "who wants to be a patriot" game:
A) The pindos/oligarchs(you can offer your own option ) will pay the bills.
B) The weather may hold out hope: oil may rise / import substitution may take place / corruption may disappear ...
C) the devaluation spike will continue after half a decade.
D) Defaults on liabilities.
P.S. Hint "help from the audience" - gives 80% for (A), (B) in second place, the other options so, on trifles.
Looks like it's still getting there. No, Russia is definitely not going to have a Maidan.
Why, it is in a sense a fundamental analysis. Outflows and permanently undermined investor confidence are the reasons for this rate dance. And what should be expected? Why has the Central Bank chosen this solution with the interest rate hike. Why don't they sell the gold reserves at full capacity? That is what they are meant for (maybe they are saving them for some reason, eh? What do you think?) How long will this delay last and what is the hope?The Central Bank has chosen to raise rates because there is nothing else the Central Bank can do - it has only rates and interventions.
Why do not they pump up reserves? They do. On the day of the GDP speech they dumped $2bn in the morning - and what? Enough for half a day.
Last week they burned over 4 billion - so what?
On the 4th on the day of the GDP speech, 1.9 yards - about 2.
Last week not more than 4, but 3.4 yards.
As an "amateur head of the Central Bank", I would do the same. Secondary gold deposits are not worth being greedy, it is not your money, it is the money of investors, who at one time came in and now are flocking in droves and asking for theirs. So is this "greed" worth such a bet - the national producers and employers are strenuously denying it ;). Another thing is that with such an approach the gold reserve will melt, but what can one do - but moskitman (if I am not mistaken) has a nephew who travels from Crimea to Russia without passport control (no offense, but a good example that shows the level of 'pluses' achieved). I'm sure it was worth it.
It looks like the gold reserves are just being saved for the future "repayment" of foreign currency loans of strategic state corporations, which are already actually starting to have difficulties restructuring their debts. Rosneft is just the first to set an example. For bonds it is simpler - everyone I owe, I forgive everyone. And coming up are gas price corrections, Yukos fines, the World Cup, pipes back and forth, and that's just what's already in place. There are plenty of Ukrainian-related bonuses in the pipeline.
Better take care of your problems, look at usd/uah, falling almost 100%.