• Nabiullina and Siluanov advised to weaken the ruble by the method of Sakakibara

  • The Ministry of Finance and Bank of Russia should take advantage of the Japanese experience of the weakening of the national currency, which was used when the Minister of Finance, Eisuke Sakakibara. On Monday, March 20, in an interview with "Tape.Roo" said the adviser on macroeconomics General Director of the company "Opening Broker" Sergey hestanov. So the expert commented on the statements of the Russian financial authorities about overvalued ruble.

    "Finance Minister Anton Siluanov held verbal intervention, identifying market direction, in which state it is desirable to move," said Chestnov. But, in his opinion, the Russian Ministry of Finance and the Central Bank is inconsistent as it is limited to only such applications.

    "In Japan, such intervention is highly effective. In the late nineties and early two thousand Japanese regulator has not just made statements, but was accompanied by tough actions. First, it was made by the representative of the Central Bank's statement that further strengthening of the yen is unacceptable, then pausing — no more days — after which they made the real currency intervention. Speculators who did not listen to the recommendation of the authorities, suffered losses", — said the expert.

    According to him, since Japan's Central Bank almost do not have to commit real foreign exchange intervention — and so listen. "For a long time a huge impact on the currency market was provided by the Minister of Finance of Japan, Sakakibara Eisuke. Even in retirement he made verbal intervention in the way that was necessary to the authorities, and influence the exchange rate," added hestanov.

    He is confident that with proper coordination, the Ministry of Finance and the Bank of Russia could manage the exchange rate to be not less effective.

    20 March at 17:30 GMT the dollar on the Moscow exchange was worth 57,41 ruble. Its rate has increased to 15 cents compared to the close of the previous trading session.

    Earlier, on 20 March the Minister of Finance Anton Siluanov said that the ruble is overvalued at 10-12 percent. At the end of 2016, Bank of Russia Chairman Elvira Nabiullina said, the Russian currency is behaving "more or less adequately".


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