that will show up as lower admin tenancies from the sichel bank -- from the central bank over time. many bank outlined losses. steve, let me stop here. steven: thank you. i am torn between suggesting you offered a great deal of food for thought. we i had a couple of questions, none of the discussions we have heard so far has actually helped us decide what is the right interest rates policy to shoot for. i guess in the absence of a reliable model, that could relate the level of interest rates to the rate of inflation, to the level of the economy, central banks are forced to operate by the seat of their pants. and kind of do it meeting to meeting. my question is, have you guys thought of what would be the right decision rule to use in this context? you keep on raising interest rates until inflation goes down? you keep on raising them until inflation expectations for the future go down? how should central banks operate in this environment? once we get to that stage, which we are not there yet, what decision rule should be used when central banks seek to start lowering rates again. let m

that will show up as lower admin tenancies from the sichel bank -- from the central bank over time. many bank outlined losses. steve, let me stop here. steven: thank you. i am torn between suggesting you offered a great deal of food for thought. we i had a couple of questions, none of the discussions we have heard so far has actually helped us decide what is the right interest rates policy to shoot for. i guess in the absence of a reliable model, that could relate the level of interest rates to the rate of inflation, to the level of the economy, central banks are forced to operate by the seat of their pants. and kind of do it meeting to meeting. my question is, have you guys thought of what would be the right decision rule to use in this context? you keep on raising interest rates until inflation goes down? you keep on raising them until inflation expectations for the future go down? how should central banks operate in this environment? once we get to that stage, which we are not there yet, what decision rule should be used when central banks seek to start lowering rates again. let m

according to the forecast of the central bank, we are waiting for a slowdown in inflation. t will return to the target of 4% in 2024, as inflationary pressure eases, the bank of russia will reduce the key rate to a neutral 5-6% per annum in 2025. our current inflation is not much different from inflation in comparable economies. although we were dealing with much larger bags. remaining at 2% points lower than it was in early february, while the leading central banks in other countries. now they are pursuing a policy of actively tightening monetary credit policy, raising rates state duma speaker vyacheslav volodin positively assessed the work of the department. central bank. really does a lot. in order for the situation to change for the better and overcome the challenges that our country has faced in terms of credit monetary policy. we all support this work in general, while insisting that the action be more resolute more daring much depends on this in our country the task of the central bank to ensure economic recovery based on a stable ruble, low and predictable inflation

doing what central banks do, i.e. tting monetary policy and making sure that they are setting the monetary policy. we had some quite interesting language about the independence of the bank of england which was perhaps something of a concern to some market watchers. seeing will move from the easing to tightening was in the books until the bank of england had to intervene. i see this is a return to managing and proper economic behavior. i do not expect there to be unexpected consequences from it. unexpected consequences could come from inflation being sticky in the united kingdom and other geographies for other reasons. tom: where does that leave your appetite for u.k. assets? eleanor: it's probably closer to the difficulties we have in terms of trying to balance high-level inflation in the united kingdom, a high level of inflation at slightly behind the curve as far as the united states is concerned. but the u.k. showing some of the problems europe has in terms of high energy prices. some of the problems the u.s. has in

i feel like even central banks are looking at rates on a different way based on those questions. y: the bank of england looks like it is in a different position now. they delivered the same rate hike, the message complete the different. the bank of england does not want to over tightening. the fed is prepared to take that risk. let's deal with the data. we have seen the slowdown in manufacturing. we got that from the ism earlier and are now having confirmation via factory orders, which come in at a headline level. you take out transports, that is soft, same with capital goods. ism services are down from 56.7. they are still north of 50 but softer than anticipated. alix: going to brink in michael mckee. what is happening to service crisis is key to the inflation story. mike: the numbers went out, which is a bit of a surprise. they had been going down, but not as much as in the manufacturing index the number comes in at 70.7. j. cole they note that yesterday, talking about how goods prices have started to come down as supply chains start to clear, but service prices are making up fo

including under the influence of projects of the central bank. sberbank become today , how much the services that sberbank is developing can be used by other banks, namely in the field of various integrated solutions. it helps a lot. that's why, in this sense, it seems to me, on the contrary, some alignment of the infrastructure is happening a and just e for us this positively a and there are a number of certain things. what we touched on, that ball we got under sanctions and that's it. naturally, well, they know all the disadvantages that are associated with this, and there are pluses just about them, as it were, right now, if i start talking publicly about the pluses. e of being on the shady side after being on the table or now it is no longer clear where what is this, we probably won't go into full detail here. but nevertheless, they are obvious. that's why from the point of view of the overall competitive environment. and we feel, on the contrary, as if from the point of view of the situation there are more opportunities and from the point of

obviously the currency is impacted by what central banks around the world are doing, especially centrall bank in the u.s.. it is not just a china story. the yuan remains relatively strong versus a basket of its trading partner, the basket that policymakers care about because it impacts trade relationships and china's growth story for next year. but it is a huge overhang. you saw the impacts even just a rumor can have on the markets. the yuan would strengthen on the back of this. but it is still very much a dollars story. as is the case for most em currencies and asia. -- in asia. kathleen: let's get to vonnie quinn with the first word headlines. >> u.s. job openings unexpectedly rebounded amid low unemployment in september, likely to fuel further wage gains and add pressure on the fed to extend its aggressive campaign to curb inflation. the number of available positions increased to 10.7 million in september, exceeding the median estimate in the bloomberg survey which forecasted a drop to about 9.8 million. the brazilian president has promised to respect the constitution but stopped sho

but it’s probably difficult, but let’s then look at and write down the function of the central bank, development of the country, and then, perhaps, it will influence the banking system, based on the fact that there will no longer be a profit for the purpose of banking activity. system, and the achievement of certain results in socio-economic development countries, and then politics will play itself differently. if it is impossible to completely involve the central bank, liquidate or limit its independence. let's give some of the functions of the central bank, that is, we will transfer the mission to the government through those state-owned banks that can directly manage the government or through development institutions that are already formed within the government today, thus we will ensure the functioning of the economy, saturation with money and remove this duality that interferes. and it is possible to saturate the front products and thereby not so, after all, in than today the lack of saturation of the front, that we have a huge number of enterprises being mortgaged or can be mo

how do you traded central banks? the fed meeting is underway. and then that of european equity strategy is joining us next. this is bloomberg. ♪ guy: as you just been hearing, the bank of england has started reversing its qe program. we've got active qt underway. 75 bits expected from the bank of england. the fed has now kicked off its meeting as well which started at 10:30 eastern time. our question of the day, earlier we asked the question how do you traded the fed? let's move now to what is the central bank trade? obviously, we've got to think about what the pitch looks like in europe as well. we've had a great run during the month of october. we are about to see central banks potentially downshifting a little bit in terms of their outlook. is that a reason for this rally to continue? >> i think it is a bit of a make it or break it moments. this narrative needs confirmation. more concerned about growth, communication, pointed as a kind of hint. we see there is a fairly high bar for the fed to meet those expectations. so what was a bit of a tec

see, if we take the forecast, uh, for inflation on uh, next year, which is officially often the central bank, it should be somewhere within the five dash of seven percent rate today is 7, 1/2, key so if you say put money in the bank today for a year, then uh, we expect the rate to be positive, but because inflation targeting exists today 5-7 23 and 4%, in the twenty-fourth year. now, if these parameters are met, then we can say that we have a rate that makes sense in the country money in banks. and i would say it makes sense reliably. uh, and probably for today, i would say calm. what to invest in financial instruments, because the market is very volatile while finances, how actively investors go to the yuan and how willingly banks work with the yuan, after all, a new currency, it is not, for example, a reserve for us. well, as far as i know , today there are about 40 banks that represent such services, e-e to the population, and if we take vtb bank, then at the beginning of the year, and the injection of e on deposits in yuan amounted to about 2 years 36 billion rubles. it's quite a lot and

bank of england has become the first central- in the uk? first central bank. become the first central bank to actively sell down the bonds that had bought during the crisis periods, bought them during brexit, the pandemic and after the 2008 financial crisis, the bank of england even sold $80 billion worth of and got good demands for those bonds yesterday becoming the first central bank to do so all others have signalled they will try to do that coming months. . in layman 's terms what does in layman �*s terms what does this mean, is it good news, a sign we are no longer needing quantitative easing at this point or is it a sign they are having to take the steps to try and draw down on patient? it is and draw down on patient? it is and draw down on patient? it is a sin of and draw down on patient? it 3 a sign of functioning markets and that is good news, remember, couple of weeks ago the bank of england had to step in with more quantitative easing at the long end of the uk gilt curve because that market broke after the so—called mini budget w

from lagarde want to— one hand central banks from lagarde want to act— one hand central banks to affect the price spiral but there is also concern that as some economy start tipping _ is also concern that as some economy start tipping into recession that they might not be there yet that they might not be there yet that they might not be there yet that they might risk deepening that recession. i think basically it is broken — recession. i think basically it is broken policy choices because it is pretty— broken policy choices because it is pretty grisly economic outcomes whichever they go sol pretty grisly economic outcomes whichever they go so i think overall there _ whichever they go so i think overall there is— whichever they go so i think overall there is a _ whichever they go so i think overall there is a mood of sombre realism. let's turn now matters closer to home and we will start off with the yorkshire post leading on wind farms, onshore wind farms. this story has been on the front pages certainly since sunday, the sunday papers were carrying wind farms and what it is d

um, how is this problem proposed to be solved in the central bank so that hmm banks can meet the increasedd for credit, we plan to use regulatory incentives. in particular, it is to redirect the resources of banks for lending to critically important industries. for the further development of industries, we will reduce the burden on banks' capital. and through a regulatory decision in lending to energy projects that relate to projects of technological sovereignty and modernization of the economy sources of financing, according to elvira nabiullina, you need to look inside the country, but it would be wrong to rely only on the banking sector, because business growth only due to increased lending is the path to credit crises, direct investments are important, where private investors, not banks, take the risk , these are bonds and share placements, respectively, equity and debt financing, russian private companies should use e more actively, but for this it is necessary to restore the confidence of private investors, which has recently been in much has been lost, and on lazarev, jakov mursal m

caroline: that is the key question, how much central banks , the european central bank is going to reactn it comes to this weaker outlook. we have had a lot of rate hikes at the ecb. do you see more coming? what is your scenario in terms of central bank policy and how this is going to impact? frederic: two major uncertainties and i would still position the conflict in ukraine is the major one with off the consequences in the lng market. but this question is also an important one. our central scenario, with a certain level of probability, is actually a normalization of the inflation with the lower development of the economy. and then rates coming down from the end of 2023 into 2024 because central banks get comfortable with the illusion of inflation. it is one where central banks keep interest rates high. very difficult and we have to manage how things are developing step-by-step month after month. caroline: how much is socgen benefiting from raising rates at the moment? frederic: there is a lot. as in the french market, the sensitivity to rates is relatively progressive. it is a market w

that poses a question to any central bank, how do you react to that?hat is the right place to set the stress? i would say this is off the scale of history. the second thing that i fundamentally disagree with with the conclusion of that article was the suggestion that we stopped our intervention and we should've continued for financial stability purposes and that is wrong. we stopped our intervention at a point when we concluded and i think the evidence supports it, that the stability problem we were dealing with we felt had been dealt with. if we had gone on longer than that, we would have been creating moral hazard problem. that would have had a detrimental effect on financial stability over time. >> bring in and about. what are economists saying about the height? -- hike? >> it's divided. you had one policymaker saying 25 basis points that have been more appropriate. ing is basically saying the boe like other central banks faces a tight balancing act between inflation and at the same time not sending economies into freefall. economists at ing saying

and that's in fact what the central banks did, paying interest on reserves. so what it did was totally distort the credit markets. access of developing countries small businesses to capital. you have the spectacle of apple is one of the greatest money machines in history borrowing i forget what the debt is now hundred $25 billion of debt on bonds and the like why would apple be borrowing like that when it's a money machine and the answer is the money y was free, why would you take it and buy in stock, why would you pay dividends, it's free . so absolutely distorted the markets and is one reason why the listings on exchanges in addition to crazy regulation a. way down what it was a generation or two ago. so in terms of unsound money this is what you get, it's amazing that there was never a real debate on zero interest rates. going back 300 years in the 1600s you had people like john locke debating others on whether he should allow interest rates. the fed and others in effect said you don't need interest rates. and locke and others pointed out what that would d

liquidity plans in place other than that, long-term, the good thing is, the reaction from central banks and inflation has to be incorporated into our pricing. we are looking at more than 380 business lines and sub business lines to adjust accordingly to inflation with pricing the good thing in property and casualty insurance is you can do that on a yearly basis a bulk is renewed on the yearly basis. we have inflation in bonds which is more than $5 billion of our government bonds combined with inflation hedges therefore, i think we are on a good place and good shape to also manage inflation. that's very crucial. >> lovely speech today, sir. thank you very much for your time and talking through the numbers. the cfo of hannover re. >>> ing with a tax profit for the third quarter down from a year ago and below expectations. the dutch bank has a share buyback program with a plan to purchase $1.5 billion this shares ing was up .2% it has posted better than expected third quarter results with revenue up 8% from a year earlier. net income rose over 10% to 2.7 billion euro charlotte rejoins us n

how is the central bank going to provide financing for the restructuring of the economy ? question, elvira nabiullina noted that russian banks are now growing stable companies. shusha is expecting a figure of 12.5% ​​at a fast pace. and it will be higher than in the twenty- first year, the bank of russia will be ready to apply stimulating regulation to banks so that lending to such projects gains momentum. here we are going to operate on the so-called taxonomy, but simply the criteria for projects of technological sovereignty and modernization of the economy, which is being developed with our participation by the government and we will adjust the regulation of banks accordingly, the situation with mortgages is improving, said elvira nabiullina , a growth of 12% and let the pace be far from last year. but signs of overheating, but a number of factors. still, it worries us, for example, a mortgage from a developer, when they allegedly offer a rate. even zero, but at the same time it our analysis shows that the cost of an apartment for such products is overestimated by 20-30%

therefore it makes sense for the central banks to slow the pace of hikes. main the biggest they have already hiked so much. it makes sense for the bank of korea to slow down the pace because following what the reserve bank did a month or so ago and also indicate in terms of the terminal rate that we may be getting close to the top. i think it all makes sense now. it's about managing the downswing growth and aching short they don't over tighten and and up with excessively low inflation. what we heard from the back of korea along with several other banks has been it does make sense. paul: the governor suggesting a terminal rate of 3.5% but that might be subject to change. you mentioned inflation. the governor says there are signs it's coming under control but i know you think inflation could slow a lot more sharply than a number of market watchers are anticipating. what are the risks associated with that and what would drive sharply slowing inflation? >> if we go back a year ago, people were still talking about the rise of inflation being temporary. then we go

the recommendations of the central bank always remain recommendations , but another thing allow. er, or at least reduce this fee. i think that banks will unambiguously listen to the recommendations of the central bank in order to be in trend, to provide support for the people currently mobilized, and one more important clarification for investors should be the opportunity to apply for support until the end of 2023, which can be provided for the period mobilization plus 30 days, with regard to payments that mobilized military personnel receive, the ministry of defense clarified that there may be monthly allowances for special conditions of military service or for special achievements. dear friends, i want to offer you a mini-series of very small films that we shot almost 30 years ago. i thought about what, probably, the painting of the picture they should say, that is, the idea arose to try to hear what the artist could hear when he was a portrait or a landscape? it seems to me that it makes sense to recall who russian culture is, in particular. that russian painting, which shocked

that was going to the central bank of afghanistan, which would then transfer that money. of course, without interest, would transfer that money directly to cobble bank and then cobble bank for a den. just what they said would be a minor cost and services within bank rule or would then pay the afghan police and the afghan soldiers, ah, the owners were very clever. they made extensive advertisement over t v radios billboards. and it was attracting huge amount of deposits from common people in 2006. i believe they could use a lot city, a type account called back to come in this back account attack t huge amount of deposit from common common public. one 3rd of the deposit was back back ordered for shaneka, for which colbert bung used to pay huge prices. in like 2007 when i started, my duties is, is a governor cobbler bank, comprised of 57 percent of total banking assets in of hon. so i do are marketing coldwell banker, the from very beginning. the marketing stands for very flashy and everybody believed on the face of this as the right by for us. so that's how i chose caldwell

we've gone from a place where the fed was the only central bank in town for a long time dixie goes to 113. bank of japan has been asleep at the switch the move on the dollar is reflective of the ecb, 60% of the dollar index stepping up their game and we've had a fed that's even told us in their last meeting to me dollar and central bank differentials are driving the dollar here and ultimately i do think it is constructive if you think that the opposite is a lot of this is not central bank differentials but has been safety and so i agree with carter i'm not getting lost here in constant currency dynamics or what the fx impact was i don't care about that. i think longer term these multinationals, i really care about their core business and would rather look at constant currency and strip out your fx i do think the dollar move here is very important. i think it's very important both for sentiment. i think it's very important for a number of asset classes. i think it's giving you some sense the extremity of this move is -- and here i was the one saying it's not over yet buti think the thr

the central bank governor tells us more maybe on the way. the german chancellor brings the top business delegation to china despite european and u.s. pressure to limit ties with beijing. rishaad: we've got jobs and focus, economic data out of the u.s. overnight, on top of that, we're looking at what is going on in china. seeing a big move up. bank of england also and focus. david: 75 and then signaling the market may be far too optimistic on how high they can get. we will get with kathleen in a moment. what is behind as we speak, this drop across the u.s. dollar, equities are coming off the lows. this rally, we are seeing in the chinese markets. that standing 3.5% up. malaysian's technical bounce coming up, the worsens 2021. you can see the fourth column there, yields are mostly down. we will see whether this continues well into the friday. yvonne: you mentioned what is bright green? hong kong. 3.4%. we're not talking about the rugby sevens. there is optimism this week alone when it comes to greater china. stocks there. about this whole hope

it's the fact you have central banks in these developing countries and that's what malpass mrs. and the world bank misses and the imfs misses. they just don't get it. they can identify the problem but they can't fix it because you've got to get rid of the central banks. it's the institutional arrangement that is screwed up. so how did we get to central banks? well, this comes back to again bretton woods and what forbes was alluding to when you mentioned bretton woods. we had with the bretton woods arrangement most developing countries had currency board systems, which forbes also mentioned. and what's a currency board system? a currency board system is not a central bank. it's the monetary authority that issues a local currency. that local currency trades and an absolutely fixed exchange rate with an anchor currency, and the local currency is back 100% with anchor currency reserves. so the local currency in fact, it's just a clone of whatever the anchor happens to be. if you don't like the local currency you can exchange it freely at the fixed exchange rate. it's all credible bec

that provides relief for regional central banks.at the thai bhat or the korean won, all starting on a firmer footing. that is driven by expectations around the fed and everybody is watching the minutes coming out this week. manus: what is it going to mean for fx resort cash reserves? -- fx reserves? frederic: we have seen central banks not being shy to spend some of the reserves they accumulated over the last couple of years. not so much to prevent depreciation, but ensuring an orderly depreciation, providing that dollars into the markets have an orderly unwind. that operation has been fairly successful. broadly speaking, most central banks in the region still have ample ammunition here, but it is all about ensuring financial stability, not preventing fx depreciation at all cost. tom: very different set of circumstances compared to the asian financial crisis. if we go to the specifics of malaysia, a hung parliament, you have tensions between these major parties, questions about investor sentiment, but this is an economy that has ben

that is in cash, especially with the yields rising after eight central-bank decision.ve a portfolio developed by strategist and it is overweight cash by 18%. this is the latest in a lot of defensive calls on the course. if you look at this chart, the dollar is trading at the upper end of its craving envelope -- trading envelope. this looks at moving price averages and we have seen a lot of investors holding back from moving into risk assets and staying in cash. we will see money manager stepping into cash piles eventually, many at citigroup say that will be slow to materialize. haidi: also slow to materialize is the lifting of covid zero restrictions, this would have a massive impact on the yuan. annabelle: yes, morgan stanley has a new note saying that when we do see an easing of covid zero restrictions that is when we could see the elevated volatility around the dollar yuan that has been to the upside that will subside quite a lot. it does hinge on an end of the severe pandemic policies. they are sticking with the to assist us in the market it is unlikely to happen b

in their central bank. they have fewer dollars, when we cut them off in 2014, they decided they struck their own domestic credit card company, be less dependent on visa, mastercard. how has visa and mastercard's suspension of services in russia affected domestic issuance and acceptance of their card? who wants to answer that? yes, sir. >> i don't have the exact number but it's still a shadow of what visa and mastercard had in the country. what's interesting is the way they've diversified. in 2014, i was at the hague talking on this topic actually and the f.s.b. was there. they still had two parts, anti-child sex rings, etc., they were still working with us on that. and anti-tkrubg. mr. dueweke: and they talked about how at that time that the russian wet money system, which is now in over # 0 chris, was the -- 80 countries, was the quote-unquote primary money mechanism for russian organized crime. within a year it was their papal. now we have various -- paypal. now we have various others that are found aroun

the central bank also clarified that the licenses of the company used as advertising.ns entered into an agreement not with russian players, but with their offshore structural ones, but with those working under similar brands. now the libertex group continues its activities outside of russia, it has more than 100 offices in various countries, including kazakhstan, belarus, malaysia and other asian states of latin america and the european union . and who he is the brightest events of life, everything else will remember youth. we need you only young 50.000 per hour 3 hours minimum wage to find a true friend. i know that i share the concept and do not sniff.

among other things, the central bank is going to form funding channels based on islamic principles, theit of the investment. russia's potential is colossal, for example, middle east partners are showing interest, experts say, russia not only a huge reservoir of natural resources, but also a huge market for investment, it can absorb a huge amount of funds, a very good return. therefore, yes, these export -import operations are investment money that must go through our banks. this, of course, this is a huge plus, which the bank of russia attaches special importance to restoring the confidence of citizens in the stock market , the interest in which was formed in the previous few years. to do this, it is important to maintain the stability of the organization of professional market participants, as well as to strengthen the protection of the rights of investors. well, the continuation of the previously set vector for the digitalization of the financial market will help increase the availability and quality of financial services, opening up new opportunities for citizens and businesses. them

central bank digital currencies could be a digital version of money a bit like a digital bank loan. >this person is an idiot, which they think that we are. it's like a digital moneybox. you will owe nothing. you will be happening. >> it can be used alongside physical notes and coins. until we phase them out. outcome at where has my money gone, the digital piggyback. >> and like most of the digital money people use daily today, i would be issued directly by a central bank, by that bank of england in the uk. >> nothing like centralized power, globalist degrees coming down from on high bird that's what exactly what we want. central and government banks across lake world are working together. get really, they are working together. that is such good news. why don't we involve the wtf an the wto, what we need is unelected global bodies who hav been able to co-opt political power, respond to full angel power and repress regular people . we are seeing the benefits all around us, i can't wait for you next policy to take our money, this is great. >> looking into what having a digital currency m

the central bank puts the financial institutions to develop the international financial system. to a national currency and, in general, an increase to a reactive ue this is the task set by the closed russian financial market. has shown its resilience and ability to overcome periods of significant volatility and severe restrictions, providing, with at the same time, although the indicators demonstrate multidirectional dynamics, the financial market continues to function providing support to the economy. the range of its products and services to citizens and businesses, according to the results of the first half of the year, against the backdrop of increased volatility and a decrease in quotations, financial market assets decreased by 6.5% in the composition of a little more than 150.5 trillion rubles, mainly noted in the central bank, this was due to compression of assets of non-banking financial institutions, primarily professional ones participants in the securities market, but the assets of the banking sector for 10 months of this year grew by almost 8%, the analysis conducted

uh, how do they propose to solve this problem in the central bank so that hmm banks can to meet the increasedr credit, we plan to use regulatory incentives. in particular, it is to redirect the resources of banks for lending to critically important industries. for the further development of industries, we will reduce the burden on banks' capital through regulatory decisions when lending to projects that relate to projects of technological sovereignty and modernization of the economy as sources of financing. according to elvira nabiullina, it is necessary to look inside the country, but only the banking sector is counting wrong, because business growth only due to increased lending - this is the way to credit crises, direct investments are important, where private investors, not banks, take the risk, these are bonds and equity offerings, respectively, equity and debt financing russian private companies should to use e more actively, but for this it is necessary to restore the trust of private investors, which has recently been largely lost, and on lazarev, judge yakov mursal mammadov to lead.

negative rates bring profit, but not all of the swiss central bank earned on the ultra soft policy almost2 billion dollars counted in the bloomer the regulator used negative rates for 8 years from the beginning of 2015 to june of this year, kept it at -75%, after which it raised it to - a quarter and only in autumn returned to traditional let me remind you that during the debt crisis in the eurozone, the regulator struggled with large-scale capital inflows and tried to contain the strengthening of its currency with attack interventions, then changed tactics and switched to negative rates, making up investors who came to the local market with themselves to pay for the opportunity to place their funds. this noticeably weakened the flow of those wishing. at the same time, it leveled the pressure on frank. well, the sanction b switzerland managed to earn good money. and at the end of the issue, i will remind you of the exchange rate today the dollar is 61 rubles 62 kopecks. euro 61 11, and for now that's all for me roman masha thanks after the advertisement we will briefly tell the main thing

well , for example, the central bank can force banks to contribute more to reserves.e because of this. with the so-called mortgage from the developer, when the russians are offered rates near zero, the central bank will begin to fight as early as the beginning of next year. this was promised today by the head of the central bank, elvira nabiullina, speaking at the house. according to him, the measures are already ready. it remains only to make them work in the central bank are sure. mortgages at almost 0% - this is unprofitable for citizens. our analysis shows that the cost of the apartment for such products. e is overestimated by 20-30%. and often an overpayment due to an increase in the cost of an apartment turns out to be even more than a decrease in interest on loans, and sell this apartment on the secondary market. for the same money, it will not work here either. of course, there are risks for citizens, for our borrowers and for the bank, which receives a pledge of an asset at an inflated price. of course, developers, banks and citizens still find benefits in mo

in their central bank. they have fewer dollars, when we cut them off in 2014, they decided they struck their own domestic credit card company, be less dependent on visa, mastercard. how has visa and mastercard's suspension of services in russia affected domestic issuance and acceptance of their card? who wants to answer that? yes, sir. >> i don't have the exact number but it's still a shadow of what visa and mastercard had in the country. what's interesting is the way they've diversified. in 2014, i was at the hague talking on this topic actually and the f.s.b. was there. they still had two parts, anti-child sex rings, etc., they were still working with us on that. and anti-tkrubg. mr. dueweke: and they talked about how at that time that the russian wet money system, which is now in over # 0 chris, was the -- 80 countries, was the quote-unquote primary money mechanism for russian organized crime. within a year it was their papal. now we have various -- paypal. now we have various others that are found aroun

central bank digital currency. that creates a monopoly on money.essentially to turn it into a tool for coercion and control, more than what money is supposed to be, which is a store of value and efficient means of exchange. so this is a corruption of the old concept -- the whole concept of money. that is why i think the future of money is so important to western civilization. if we see money turned into this, the principles and values that have built western civilization are truly threatened. it might not be this government, but some government will eventually use that power the wrong way. and for people to doubt that, just imagine whoever your political rival is having control of the system of money. i've been a little concerned as i've watched the debate as to the role for treasury versus the federal reserve, a good question by mr. san nicolas, and i point out just looking at our money the secretary of the treasury's signature is on it. not the chairman of the federal reserve. and looking at our money, it says this note is legal tender for all de

the head of the central bank will be able to remove these issues. meeting of the state duma itself will begin at 12:00 moscow time alexandrovna thank you that during the day we will wait for the main news that will be from the lower house of parliament, i remind you that my colleague anna lazareva was in direct contact with the year already this weekend the ski season. the first stage of the russian cup will be held in khakassia a in the new season for russian skiers and our athletes have been suspended. here are the international starts. in an interview with my colleague, the koltsov station was told by the president of the russian ski racing federation elena for europe, ski racing is becoming an elite sport, the italian stage was moved from milan to livigno. it is impossible to produce enough snow due to skyrocketing electricity prices. we still have to wait, because it is still unknown whether everything will still take place there, because already the first stage of alpine skiing. and they, by the way, have not been postponed and canceled solely

at that time there were eight companies in the register of the central bank, including forex club to the results of that year, all they were unprofitable, and for 9 months of 2018 only the financial vtb forex and the company founded by ram turned out to be profitable. but basically the activities of such structures are focused on countries where, firstly, there are many quite a lot of people with a low level. ah, financial literacy. e deniski the level of financial culture among the population. well, that's a plus. uh, it is very important that there are weak institutions, so it is clear that in countries like the united states, the activities of such, uh, structures are quickly suppressed. later in december 2018, the central bank revoked the license from the forex club and four more dealers, including teletrade and alpari forex, the central bank repeatedly called a violation of russian legislation over the course of one year. in addition, the regulator saw non-compliance with internal accounting requirements and provision of false reporting. forex in russia, well, that's about ho

i'm explained to get out of the situation of the graces or the central bank. the banks diminish shows who are still protecting and covering the regime in the system or for the good or the bad lip. at the level, these people are still resilient. they still hold onto the hood, they have some of the, you will feel necessity and assess the g to create tube in order to create the future for them, and live on so much going on in lebanon, and so much, not going on 11, right? so how do we have this conversation where we have it with aaliyah, we have to be and also with her saying thank you or crazy for being on the stream aliyah festival. will you tell us what you do? i am a journalist, co founder of an independent base and they do need more work on investigative journalism. happened basically on friday morning. yes. good to be here. i have a welcome back to the stream. get to have you remind our audience who you are and what you do. i'm happy but off, i'm an investigative independent journalist and i've been reporting on on for the last 20 years or so. and her saying

from the bank of australia today and we will have the bank of england next week. >> i think each central bankng decisions for its own economy. many economies are confronting inflation for a number of reasons. bank of england or england is dealing with high inflation rate others may be slowing more quickly. i think what is happening here is each central bank look at a similar profile of higher inflation, but maybe things moving at a different pace toward slowing we will not -- i do not think this is a coordinated moving this is the reflection of the economic conditions. >> extraordinary times roger, we appreciate you lending your expertise roger ferguson >>> now to the latest on elon musk kicking off his twitter revamp into second gear. according to reports, musk is pulling more than 50 tesla employees mostly software engineers from the auto pilot team into the twitter takeover a number of employees from the other ventures of musk are also authorized to work at twitter, including from the boring company and link this as he creates advisers to reimagine twitter. >>> coming up, semis companies l

>> this came from meetings with regulators, including the central bank, tom, with lenders. there were technical measures rolled out including ensuring sufficient support for those borrowing in the real estate market, sufficient credit liquidity for those who needed to keep the housing industry from sinking over. with the recent plan from the government, the 16 point plan, they are putting a floor under the housing sector and economists say this could be a game changer for the month ahead. tom: excellent as ever, bloomberg's enda curran on the latest when it comes to the property sector and the challenges around implementing easing measures around covid zero. joining us now is the global chief economist at socgen corporate bank, good monday morning, on china, you say in your notes that you are more certain china does reopen in 2023. what would that mean for the european economy, a reopened china? klaus: first of all, there is reduced risk that we get intensified supply chain issues. the second one too it is it's going to be good for private consumption. as we've seen in rece

k. interest rates in over 30 years, the central bank also warned brits to expect the longest recession on record as it increased rates from 2 and a quarter to 3 percent. bank of england, governor andrew bailey says the move is necessary because inflation is too high. expect inflation to fall back from the middle of next year. but further interest rate increases may be needed in the coming months as what he had to say since december low. unstable inflation is the bedrock of a stable economy, a predictable economy in which people can go about their lives and plans for the future with confidence and economy, which order money keeps its value. if we do not have false re, now, it will be worse later on. as the 4 girls will permission to go shows is a tough road ahead. shop increase and energy prices caused by rushes, invasion of your crimes might as poor as a nation. well, the made by the bank of england came less than a day after the u. s. federal reserve also announced $75.00 basis points increase and interest rates are the central banks are also expected to follow in its footsteps. altho

speaking of central banks and changing on, there is another central bank news this morning. congratulations to adrian orr, another five-year term as the rbnz governor today. that does mean we will see a more aggressive policy ahead. rbnz, a frontrunner in the tightening cycle, so continuity is the name of the game. otherwise we are seeing g10 fx fairly range bound. also what is happening in the offshore you want, given we have seen weakness coming through. we had the exports miss that was not expected and we also need to see some sort of certainty around covid zero. some saying expect. until then, more volatility. shery: seeing a little bit of volatility in the u.s. markets as well as futures under pressure at the asian open. we had the s&p 500 rising for the second session. meta rallying on reports they may be cutting jobs. oil saw pressure in the new york session, given the risk off tone. but we are seeing a little bit of upside in the asian session. of course we are really setting up for the midterm elections on tuesday. the usual history of the s&p 500 is during midterms

the idea here is that the central bank is trying to ensure there is ample liquidity it is not the onlysure they have put forward the bank of china also announced today it agreed to provide credit lines totaling 600 billion yuan to 10 property owners you mentioned the property sector when the triple r came out. authorities in china are trying to ease liquidity crisis in the property sector. they have the property sector and all of the problems there and the broader economic slowdown that particulars to be a problem because of covid in the last few days, the covid situation has absolutely worsened >> i think what is interesting is the line from the central bank and pboc saying it will not resort to flood-like stimulus. that is a direct quote what they are doing today is targeted it is specifically aimed at the banks and a triple r cut which releases liquidity for the banks. it is not a stimulus, per se, which they know could be infl inflationary and missallocated. a lot of the frost from the markets has been renewed we see a huge pull back in the real estate market in china. now the cond

central bank policy is still going to be rising up until the end of q1. second is also, there's a significant amount of supply hitting market, particularly in europe. that's typical of the cycle. until the supply is out-of-the-way, we think it will be hard for yields to be falling in that environment. after we get over that peak, policy rates at their terminal levels and supply out-of-the-way, we think that will mark a shift on the path for bonds to rally. certainly more so than equities next year. tom: switching focus to the ecb. we have reporting from bloomberg suggesting that officials at the central bank in frankfurt are considering edging down in terms of the next hike, from 75 to 50 basis points later in december. is that pushing the euro back below parody? parisha: we do see risks of the euro heading back toward parity levels over the course of the next few months. i wouldn't say that it will be ecb driven though. we've had inflation surprises to the upside, even more recently inflation expectations data for the long-term has also been on the rise.