The Central Bank has lost 62% of their profit for typing the budget of 2 trillion rubles
The Bank of Russia - Changeling essence
The Bank's profit Russia by the end of 2016 dropped sharply because of a failed foreign exchange transactions and the consequences of monetary emission to cover the budget deficit, said the regulator in the annual financial report. During the year the Bank earned 43.7 billion rubles - 2.6 times less than a year ago and almost 4 times less than in 2014.
"In 2016, a decline occurred in the needs of credit institutions in refinancing from the Bank of Russia", - says Central Bank: if at the beginning of year the volume of credits issued by the Central Bank to commercial banks exceeded 4 trillion rubles, by the summer it was reduced by half, and in November, barely exceeded 1 trillion roubles.
To cut lending, the Central Bank was forced to compensate for the inflow into the banking system after liquidity operations with the Reserve Fund, explains the analyst of FC "URALSIB" Irina Lebedeva.
These operations, although referred to as spending reserves really are running the printing press, explained earlier in an interview to "Interfax", ex-Finance Minister Alexei Kurdin: accumulated in the Reserve currency is not spent anywhere, it only changes the formal owner of the Ministry of Finance to the Central Bank, which in turn to purchase it is issuing the right amount of course.
In total for 2016 such emissions amounted to 2.1 trillion rubles. For the same amount, the Central Bank has reduced lending to banks, to avoid excess rubles. The flip side to this step is that the controller lost interest income that was received by the loans.
The amount for the year has fallen by half, from 789 to 355 billion. Interest expenses of the Central Bank, by contrast, has risen from 89 to 106 billion rubles due to the commencement of Deposit operations designed to withdraw from the system the excess ruble mass.
"While the financial result was influenced by the prevailing year-end net negative realised exchange rate differences arising in operations of purchase (sale) of foreign currency in domestic and foreign markets at a rate different from the official rate," notes the regulator.
In accordance with the law, 75% of the profits of the Central Bank transferred to the Federal budget. For the year 2016 is to 39.2 billion rubles.
Remaining at the disposal of the Central Bank profit transferred to the Reserve Fund of the Bank of Russia (4.2 billion roubles) and the Social Fund of the Bank of Russia (174 million).
For the year, the Central Bank has increased spending on salaries of their employees by 4.6% to 90.2 billion rubles. The number of employees decreased by 8%. In total in the Bank of Russia has lost 4,7 thousand people.
The Bank of Russia - Changeling essence
The Bank's profit Russia by the end of 2016 dropped sharply because of a failed foreign exchange transactions and the consequences of monetary emission to cover the budget deficit, said the regulator in the annual financial report. During the year the Bank earned 43.7 billion rubles - 2.6 times less than a year ago and almost 4 times less than in 2014.
"In 2016, a decline occurred in the needs of credit institutions in refinancing from the Bank of Russia", - says Central Bank: if at the beginning of year the volume of credits issued by the Central Bank to commercial banks exceeded 4 trillion rubles, by the summer it was reduced by half, and in November, barely exceeded 1 trillion roubles.
To cut lending, the Central Bank was forced to compensate for the inflow into the banking system after liquidity operations with the Reserve Fund, explains the analyst of FC "URALSIB" Irina Lebedeva.
These operations, although referred to as spending reserves really are running the printing press, explained earlier in an interview to "Interfax", ex-Finance Minister Alexei Kurdin: accumulated in the Reserve currency is not spent anywhere, it only changes the formal owner of the Ministry of Finance to the Central Bank, which in turn to purchase it is issuing the right amount of course.
In total for 2016 such emissions amounted to 2.1 trillion rubles. For the same amount, the Central Bank has reduced lending to banks, to avoid excess rubles. The flip side to this step is that the controller lost interest income that was received by the loans.
The amount for the year has fallen by half, from 789 to 355 billion. Interest expenses of the Central Bank, by contrast, has risen from 89 to 106 billion rubles due to the commencement of Deposit operations designed to withdraw from the system the excess ruble mass.
"While the financial result was influenced by the prevailing year-end net negative realised exchange rate differences arising in operations of purchase (sale) of foreign currency in domestic and foreign markets at a rate different from the official rate," notes the regulator.
In accordance with the law, 75% of the profits of the Central Bank transferred to the Federal budget. For the year 2016 is to 39.2 billion rubles.
Remaining at the disposal of the Central Bank profit transferred to the Reserve Fund of the Bank of Russia (4.2 billion roubles) and the Social Fund of the Bank of Russia (174 million).
For the year, the Central Bank has increased spending on salaries of their employees by 4.6% to 90.2 billion rubles. The number of employees decreased by 8%. In total in the Bank of Russia has lost 4,7 thousand people.
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