An economist assessed the Central Bank's change in the mechanism for calculating official exchange rates against the ruble
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- An economist assessed the Central Bank's change in the mechanism for calculating official exchange rates against the ruble
Adding elements of exchange dynamics to the algorithm for calculating exchange rates will reduce the gap between the official rate of the Russian Central Bank and the rate that is formed on the Forex market, economist Andrei Barkhota told Izvestia on December 27.
"Determining the exchange rate only on the basis of OTC transactions initially raised certain doubts among market participants. This was due to the higher influence of large transactions involving exporters and credit organizations on the exchange rate. Mixing average values of the exchange rate on exchange and OTC deals will give a more "accurate" definition of quotations. However, it concerns only methodological approaches, i.e. more formal side of the matter," he said.
According to him, in terms of taking into account all market factors, exchange rate formation is still the most relevant.
"Probably, adding elements of exchange dynamics to the algorithm of calculations will reduce the gap between the official rate of the Bank of Russia and the rate that is formed on the Forex market," he said.
At the same time, the use of cross-rate may be useful for the formation of quotations of currencies with low liquidity of transactions, to smooth out those fluctuations that arise due to the growth of trading volumes, rather than changes in market conditions, the economist added.
Earlier in the day, the Central Bank announced that it will now set official rates of foreign currencies against the ruble on the basis of combined data from exchange and OTC segments of the foreign exchange market. Given the expanding volume of OTC transactions, this will improve the representativeness of official rates, the regulator emphasized.
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