Inflation against the mortgage

The Central Bank - the first time in several years - raised the refinancing rate. Direct impact on the mortgage market, this measure will not, however, experts believe that the Central Bank thus warned financiers: easing in monetary policy should not wait. The refinancing rate increased from 4 February to 0.25 per cent. Characteristically, the week before the leaders of the U.S. Federal Reserve announced a reduction of interest rates immediately by 0.5 percent. Economists believe that the "bear campaign" encourages the growth of consumption and the economy as a whole (for that is often necessary to pay off high inflation), while the rate hike is aimed at reducing the money supply in circulation. The fact that control of inflation - one of the main objectives of the Central Bank recently announced the Central Bank first deputy chairman Alexei Ulyukayev. (Actually - especially given the increase of salaries to state employees and pensions.) However, this strategy may create additional liquidity problems: in other words, if some banks run short of money, securities, of course, will come to their aid. But borrowing from main bank in the country now will cost more. In addition, from March 1, changing reserve requirements. In particular, banks are required to keep the Special Account 4, and 4.5 percent of the amounts drawn on the deposits from the public. According to experts, from the bank circulation, thus, will be displayed from 20 to 40 billion rubles. Managing petersburg-sky subsidiary Absolut Bank Vitaly Demidov believes that the subprime segment of the measures stated securities that are not directly affected by the "main regulator, thus indicating that the refinancing rate close to the level of world figures, and nothing more." Agrees with this opinion and the director of the First Mortgage Agency El'tsov Maxim: "The refinancing rate is not playing in Russia as an important role, as the Fed rate in the U.S. or the EU Central Bank. We have it mostly is indicative. " More important, according to Mr. Yeltsova has increased reserve requirements: "The higher the reserve ratio on liabilities to nat. persons, the greater part of deposits banks have to "deaden" by directing a reserve CB. Money held by banks will be less. " Although deposits - not the main source of funds allocated by banks for mortgage lending. Experts also point out that in the near future, the Central Bank may change and liquidity ratios prescribed by the banks. In general, the central bank goes to war against inflation, charging the participants of the domestic financial system to take care of its stability.