Amazinga eziphambili kwiibhanki Russian. Izinga engundoqo ye-Central Bank of the Russian Federation

Ukukhula koqoqosho kumazwe amaninzi ehlabathini ixhomekeke kwindlela esiphendula kakuhle umgaqo-nkqubo we-Central Bank. Enye izixhobo eziphambili abaqeshwe kumazwe ahlukeneyo Central Bank - izinga isitshixo.

Russian Central Bank, wayexakekile. Kodwa ukwenza umsebenzi wakhe, wayila gama kakhulu kutshanje, ngokubuyisela yona iminyaka emininzi, ibinzana elithi "izinga ekufuneni imali." Izinga yesitshixo waba ngomnye nabalawuli ezingundoqo uqoqosho uguqulwa ube ingxoxo phakathi labahlalutyi zemali zemalike. Kukho iingcali ababonelayo njengesixhobo ukuba, kumazwe aphuhlileyo, kuchonga zithwala eziphambili kumgaqo yoqoqosho olukhulu, ngokuvumela izinto eziza kuqala ekulawuleni uqoqosho karhulumente. Yinyaniso le? Ngoko imiselwe enkulu indima ingcali yereyithi eziphambili Central Bank? Mhlawumbi nani engenamsebenzi ngokupheleleyo ezisetyenziswa ngabasemagunyeni kuphela ukuthethelela izenzo zawo?

Izinga engundoqo Central Bank - ntoni na?

iirhafu Key - iinqobo ukuba amaziko ezinkulu zemali (central iibhanki ubukhulu becala ngurhulumente-owned) amazwe azimisele mboleko (iidipozithi) ekhutshwa iibhanki zabucala. Bona babe semthethweni ethile. Esi sixhobo yemali ikuvumela ukuba nefuthe ngqo kwi kwamaxabiso, kwakunye abathengisa lwemali kazwelonke.

Ukuba, umzekelo, kukho kuphuma Izinga CBR ezingundoqo, ngoko emva koko, ngokutsho kwezinye abezoqoqosho, ukunyuka kwexabiso zingenzeka engange nxamnye dollar kanye euro, sikhatshwe ukuhla kwamaxabiso.

Umahluko evela rate ekufuneni

Ekuqaleni kowe-2013, abahlalutyi abaninzi waphawula nkqubo ezintsha ye-Central Bank of Russia: izinga ekukhutshweni kwemali Uyekile ukwenza isalathisi engundoqo yesicwangciso iziko lemali. I-Central Bank iye ugqibe ukuba eyona nto ibalulekileyo ukuze uqoqosho - ekuthiwa-rate iqhosha. Ngokutsho kwakhe, ibhanki esembindini inika amatyala veki. Izinga mboleko kwaye izinga iqhosha - hayi ngokufanayo, kodwa owokuqala hayi Central Bank irhoxisiwe ngokupheleleyo - oko kuya kuqhubeka zisebenzisa ukuya kutsho kuma-2016.

Ngexesha ixabiso layo kuya kwenza kunye isalathisi yesibini. Abahlaziyi ezithile iibhanki bakholelwa ukuba umgaqo-nkqubo we Central Bank Kungokwemvelo: yeefandesi repo ngeveki - ethandwa kakhulu kwinkqubo lezezimali leli lizwe, kwaye ukuba izinga iqhosha unokukunceda ubone ixabiso ngqo imali kuphosa phezu kwimarike izibambiso. Gama ireyithi ekukhutshweni kwemali, abahlalutyi bathi, kubangelwe abonakalisa.

Taylor ulawulo kuqoqosho Russian

rates eziphambili zezi imodeli olubanzi izikhombisi zoqoqosho, usebenza ebizwa ngokuba yi-Taylor mthetho. Ijolise uninzi amazwe Central Bank angaphandle, akha kwenzala. Xa ifomula Taylor, kukho zizalathisi ezintathu ezisisiseko: kwamaxabiso, ukukhula koqoqosho kunye, njengoko isaphulelo. Kulula ngokwaneleyo ukubala ixabiso elilelona ngamnye kubo, esazi abanye ababini. Umzekelo, ukuwa ka 2013 oko bekuya kuba ixabiso elifanelekileyo izinga ezingundoqo 5,6-6,3%, ngenxa ye-GDP kwaye izinga lokwenyuka kwamaxabiso eRashiya. Kubonakala ukuba beebhanki Russian esondela Western imigangatho ukuqonda imithetho-Economics.

Rates eYurophu

Amazinga Key, njengoko kuchaziwe ngentla, ezisetyenziswa kwiinkqubo zebhanki ezininzi ehlabathini, kuquka eYurophu. ixabiso labo yangoku asezantsi kakhulu kunokuba eRashiya - ngoku ECB isebenza kunye neenqobo ngaphantsi kwe-1%. Ngokomgaqo-European Central Bank iyilelwe ukuphucula imeko yangoku uqoqosho le yinxalenye yehlabathi. I ECB ijolise ukuthatha izigqibo malunga zoncedo ngetyala kunye namaziko ezemali eYurophu kunye EU ngokukodwa.

Iingcali uqaphele ukuba kwezinye iimeko kusenokuba kukho amazinga imvume negative - oko kunokuba nempembelelo entle yokubolekisa ngemali. Banks, ukuba ukufikelela kwimali-mboleko cheap, ukuba unako, bona, ukulungiselela ekufunyanweni kwemali evela kubaboleki zikazwelonke - abantu kunye nemibutho eziya ekugqibeleni kunceda ekunciphiseni intswelangqesho kunye nokukhuthaza ukukhula kwezoqoqosho. Phakathi neziphumo ezibi ekuqalisweni kwe kwesantya senzala ezimbi iqaphele ezi ndawo zilandelayo: kukho ithuba lokuba izinga yokwenene senzuzo yesibambiso yebhanki lwabemi ukuze lincitshiswe.

Izinga key baseRashiya

Iqhosha Izinga CBR, kwakunye eYurophu - enye izixhobo nempembelelo kuqoqosho lwesizwe. bank ezilawulayo practice eRashiya uyazi xa ixabiso layo liye lanyuka ukuya ube zizahlulo eziliqela yencopho. Ngokomzekelo, ekupheleni kuka-Apreli 2014 yiBhodi yabaLawuli ye-Central Bank isigqibo sokwandisa iqhosha izinga lenzala-7% ukuya 7.5%. Eli nyathelo yibhanki eyongameleyo wachaza ukuba kukutshintsha kwixabiso lentengo. Ukuba iinyanga ezimbalwa phambi kokuba kumgangatho ekujoliswe yayimalunga-5% ekupheleni kuka-2014, ngexesha yokulungisa isantya eziphambili Central Bank eninolindelo thile okubi ngakumbi.

Imiba ukutshintsha uqikelelo, yibhanki eyongameleyo ebizwa ezimbalwa: the Dynamics ngeranti engange, kwakunye kweemeko ezingentle kwibala angaphandle kwabanye amaqela imveliso. Abahlaziyi zibonisa ukuba ibhanki engundlu sisebenzisa ekuthiwa-refinance concessional xa loans ngetyala kunye namaziko zemali ngeqondo elinganeno kunelo isitshixo umyinge wenzala we CBR.

Iimpikiswano ze ukuthoba izinga iqhosha

Imibono phakathi iingcali emalunga nomgaqo-nkqubo i-Russian Central Bank kunye ngokuphathelele iirhafu ezingundoqo wahlukene. Kukho abaxhasi ithisisi imfuneko ukuthoba ixabiso yesi sixhobo zolawulo. impikiswano zazo eziphambili isekelwe kwinto yokuba ukudodobala kwiingozi noqoqosho zeli lizwe axhome kakhulu kunaleyo ezinxulumene ne emali. Ngoko ke, xa Bank of kuphuma Izinga iqhosha eRashiya, oko kube negalelo elibi malunga nemiba ye-GDP. Ngaphezu koko, ukuba umyalelo ukunciphisa ixabiso layo, iingcali zikholelwa, iimeko ezibalulekileyo. Okokuqala, abahlalutyi bathi, kwaye ukuba kwamaxabiso ngaphezulu amaxabiso kulindeleke, ayikho kakhulu - kulindeleke ukuba ekupheleni konyaka oko kuya kuthetha ukuba 6-6.5%. Le mbono yezembali yinto eqhelekileyo ukuba amanani kuqoqosho Russian. Abanye abadlali idini kwezopolitiko ukusondela intsebenziswano phakathi kukarhulumente kunye Central Bank ngokupheleleyo: ngokusebenzisa uhlobo olulodwa eyilwayo. Kutshanje, lo msebenzi sele ingeniswe Duma, yaye ngokutsho ukuba abeke phambili umyalelo kwi-Central Bank: izinga isitshixo ayikwazi ukubeka ngaphezulu kwe-1%. Ngokutsho lwabasunguli ibhili, amaxabiso ngoku musa ukuvumela imibutho ukuba mboleko ezikhoyo, njengoko kunjalo kumazwe amaninzi ahambele phambili.

Le iingxoxo for ukuphakamisa izinga iqhosha

Kukho abameli zoluntu ingcali ukuba imbono eyahlukileyo - bakholelwa ukuba isitshixo izinga lenzala kufuneka zandiswe. Ngenxa yazo, musa ukuba nempembelelo entle ekufumanekeni ngetyala njenge pesenti isezantsi bekuya kuba eneneni afikeleleke kuphela kwiinkampani ezinkulu. kumashishini amancinane nalawo aphakathi maxa kakuhle bathembele ngokubaluleka 6-8%. Loo meko, iingcali zithi, ngenxa ubungozi amalungiselelo ngezinga elincinane. Ukongeza, abahlalutyi uxinezeleko, kuba izinga eziphambili Central Bank - sisixhobo yimpembelelo ekwenyukeni kwamaxabiso, kwaye ukuhla kwamaxabiso baso kuthetha ukuba bahambe ngaphandle kolawulo.

Iingqikelelo malunga izinga eziphambili Central Bank of the Russian Federation

abezoqoqosho abaninzi bakholelwa ukuba Bank of Russia nangoku uya kuthoba isantya iqhosha. Kusenokwenzeka ukuba oku kuya kuba obonakalayo kwisiqingatha sesibini sonyaka wama-2014 - ngaphandle kokuba, kakade, uqoqosho alibonakali iingxaki ngequbuliso. Abasemagunyeni balindele ukuba ukunyuka kwamaxabiso kuya isantya isantya (kwaye oku into - enye engundoqo kwinkqubo yokujonga amaxabiso Central Bank rate key), le engange kuzinzile, imfuno iidiphozithi ngohlobo lwemali lukazwelonke iya kwanda. Kwakhona, okubalulekileyo, kulindeleke isivuno esihle okuziinkozo.

Ngoko ke, iingcali zikholelwa, le nkqubo we-Central Bank mhlawumbi yomelele njongo ezifunwa yimarike. Abanye abahlaziyi bakholelwa ukuba iingxelo ze-Central Bank ukuba izinga kufuneka lenyuke, kungaba nje Ukuzama ukunciphisa amarhe kwamaxabiso. Noko ke, eneneni, i-Central Bank akukho sizathu ukuba silindele ukunyuka kwamaxabiso, kodwa koko, baya kuba ukulungiswa ezantsi. Ngokuphathelele oku, lokuhle bakholelwa iingcali, izinga ephambili ngo-2014 kuya akayi okunzulu ezibalulekileyo phezulu: kusenokwenzeka ukuba Bank of Russia ukhetha ukunciphisa kakhulu ngakumbi.

Into yezopolitiko

Abanye abahlalutyi kwicandelo logcino ukucacisa ukuba izenzo ze-Central Bank anganefuthe ubudlelwane into phakathi eRashiya kunye namanye amazwe. Kwimeko imeko engafunekiyo kwibala nkqubo angaphandle ukuze buthathaka engange, neengqukuva uzakususwa lizwe. Ukunyuka kwamaxabiso kuya kwanda. Kodwa ukuba ubudlelwane ngamazwe iya kuhlala izinzile (enye indlela eziphambili leyo non-uphazamiseko kwimicimbi Russia e Ukraine), sinesizathu alindele ukugcina isantya eziphambili Central Bank kwi amaxabiso yangoku.

Abahlalutyi bathi kufuneka negalelo ukuba, ngokoluvo lwabo, ukudodobala zemveli kwamaxabiso ngexesha kwiinyanga zasehlotyeni. Balindele ukuba Central Bank, akubona ukuba amaxabiso musa kukhula, akayi kwenza na iintshukumo ngesiquphe olawula izinga engundoqo. Ngelo xesha, sisetyenziswe le mbono bonisa ukuba ibhanki engundlu kusafuneka ukuthoba izinga nkqu ukuya kwinqanaba 5.5%. Nakuba kwixesha elide.