BFL - ke ... OFZ: definition, amazinga emakethe

Russian Ministry of Inqubomgomo Ezezimali sika ukwandisa isikhathi imalimboleko waboleka imali. Imisebenzi apharathasi isimo okuhloswe ngaso ekwandiseni uhlu kwezezimali esebenzisa ngalo kwemali selenziwe. Njengengxenye yalolu inqubomgomo ngo-1995, ngenyanga ka Juni, kwathatha indawo OFZ. Lokhu federal loan izibopho, kodwa isigqebhezana onhlobonhlobo.

Kuyini BFL?

Federal loan izibopho, noma OFZ - ingenye izinhlobo kwamatayitela eRussia, okuyinto ekhishwa Ministry of Finance. Eqinisweni, izibopho babe ifomathi evamile, bona isici kuphela iqiniso lokuthi ukuthembeka izibambiso ezihlinzekwa nguMbuso uqobo. fa ukuhweba uqhutshwa phezu eMoscow Stock Exchange. ukuthengwa izibopho Kungafezani ngokusebenzisa iyiphi broker. Thenga kanye nokugcina OFZ izibopho abahlala isiRashiya, futhi izakhamuzi zakwamanye amazwe. Inani ngamunye sibopho ruble 1000. Kuye Usayizi iphepha kunqunywa isivuno salo, ufana izinhlelo idiphozi yesimanje. Injongo eyinhloko yale izibambiso iwukuba ukuheha capital ku isabelomali wezwe.

Isigaba esilandelayo sokuthuthuka emakethe

I-Russian OFZ amadili kuphela Ministry of Finance. Eqinisweni, kulesi sibopho, ezingeni eliphezulu ngokuthembeka iqinisekisa isimo Russian. Trades OFZ agcinwe kule kohlaka eMoscow Stock Exchange. Amafa angathengwa ngokusebenzisa iyiphi broker. Abathengi futhi abanikazi OFZ kungaba kokubili izinhlangano ezingokomthetho Russian kanye angaphandle kanye nabantu. Per isibopho abathengi ukunikeza ruble 1000. Ukuhoxa ukuhweba ithuluzi ifaniswe isivuno ebhange. Inkinga izibopho olusha ngo 1995 kwaphawula komqondo nezinga lokukhula kwengane emakethe, uma ekulungele ukwamukela izikweletu amathuluzi nge nobude ngaphezu konyaka owodwa. Umhlangano futhi baye bathola okuhlangenwe nakho ukuze isebenze amathuluzi amasha eyinkimbinkimbi. NeMithethonqubo base zobuchwepheshe Ayekulungele ngokushesha okukhulu. Esikhathini isici zobuchwepheshe kokubekwa izibopho, ekujikelezeni kwazo nokuhlengwa kukhona izinqubo ezifanayo ehilelekile T-izikweletu.

Amabhondi nge isigqebhezana variable engenayo uhlobo

BFL - lokhu ingenye izinhlobo izibambiso ukuthi ayatholakala nezakhiwo eziningana. iphepha Okudumile uhlobo olungaziwa isigqebhezana variable (OFZ-PK). Imibhalo ukunikeza zabanikazi esifanele ukuze uthole imali isithakazelo ngezikhathi ezithile. Imvamisa lezinkokhelo kungaba izikhathi ezimbili noma ezine ngonyaka. Usayizi ngamunye amakhuphoni BFL-PC zafundwa ngokushesha ngaphambi kokuphelelwa kuqale isigqebhezana, incike wamanje GKO lokukhipha cishe amakhuphoni ezifanayo lenkathi yokukhokha. Ivunyelwe ukuthola isaphulelo, uma federal loan izibopho (OFZ) kukhona izindleko ukubekwa emakethe samabanga aphansi noma, esingaphansi izindleko ukubuyiswa kwemali yabo, kuhlanganise njengoba zinjalo. BFL - kukhona izibambiso nge value par ruble 1,000, nge ubuqiniso unyaka 1 kuya eminyakeni emi-5.

OFZ-PD, OFZ-FD futhi OFZ-AD: umqondo jikelele

OFZ-AD, PD futhi OFZ OFZ-PD - kukhona izibopho ukuthi ihlukaniswa njengoba izibambiso isigqebhezana inzuzo ethile. Ubukhulu izibambiso wamemezela Umkhiphi ngaphambi kosuku lokukhishwa yabo futhi abanikazi babo banelungelo lokuthola inzalo njalo imali. Njengomhlaba isigaba odlule izibopho, Kuhlanganisa ukuthola isaphulelo emigomeni ezifanayo. Kuye uhlobo kwempahla, isikhathi sokwelashwa zingahluka kusuka ngonyaka 1 iminyaka engu-30. Okuzisholo, ngaphandle OFZ-FD ilingana ruble 1000. Ukuze PD ihlelo ziyahlukahluka kusuka ruble 10 1000. ekushayweni kuyinto ifomu documentary. Ukugcina wabezindaba kwempahla luyimfuneko buyiselo zalo esikhathini esizayo.

ukukhululwa Highlights

Ukuze udaba izibopho ngamunye libhekene khona ikhodi isimo sokubhaliswa, okuyinto efana in isakhiwo kuya ikhodi T-izikweletu. Okuwukuphela idijithi yesibili, esikhombisa uhlobo zokuphepha. Umagazini ngamunye ka-OFZ isivuno okuhambelana iningi idiphozi izinhlelo, ephelezelwa ukukhululwa kwe isitifiketi global ezithunyelwe amakhophi amabili, okuyinto zigcinwa Depository ka-Ministry of Finance. Ikhuphoni engenayo - umehluko oyinhloko kusukela GKO izibopho.

OFZ emakethe nge elintantayo isigqebhezana izinga

OFZ nokubekwa elintantayo izinga kwi stock market isiRashiya kwakuwulimi ubufakazi wokwandisa kwenkululeko sikweletu kwenombolo senzalo. Ukufohla ubangelwa yokuthi zonke izibopho lolu hlobo emhlabeni ithuba ukunciphisa isilinganiso senzalo ingozi, okuyinto kungenzeka kubangelwa iyehla iyenyuka okuphawulekayo zenzalo, ejwayelekile yokutshala imali isikhathi eside. Ukunciphisa amathuba zimali ukulahlekelwa, okuyinto owesaba ukwanda kwabo, futhi lo muntu obolekayo ongafuni ukunciphisa kubo.

Izwe 1996 izibopho nge rate variable matasa mayelana 46% wemakethe. ERussia, ukuthandwa OFZ-PD lukhula. Lokhu kusikisela ukuthi imakethe kukhonjelwe izinguquko ezinqala. Ikhuphoni imali iba sobala hhayi kuphela ngesikhathi sokukhokha, kodwa futhi ukuphetha izinkontileka emakethe yesibili. Ngokufaka ku kuthengiselana, umthengi akumelwe ukhokha kuphela ukubaluleka ubuso isibopho, akhokhele isivuno isigqebhezana, okuyinto kufanele ifanelane isikhathi sokuhlala lwefa kusuka umdayisi. Njengazo zonke izibambiso, OFZ-PK is intela ngokuhambisana nomthetho.

Ukubamba iqhaza zimali angaphandle emakethe isibopho

GKO-OFZ emakethe livulekele zimali angaphandle. Chairmen ka-Ministry of Finance kanye nabamele Central Bank anda amathuba kapitalovkladchikov entshonalanga ohlangothini nekusisa izibambiso yasekhaya. Ingxenye ezindlini angaphandle abahlanganyeli emakethe ikhange ngenxa yokuthi ukuthengwa izibambiso, ukuba yiqiniso kwalesi eyeqa unyaka owodwa, kunesithembiso ezinye isithembiso. Ngakho, ukubala yezimpahla kungaletha kwenziwe ruble, futhi ngokuqondile akhawunti utshalomali. Sivula kungenzeka ukuguqulwa obengeziwe ruble nomholo e zezimali angaphandle kanye nokulungiswa inzuzo, ngokulandelana. GKO-OFZ - ithuba elikhulu ehlukahlukene ngokugcwele izingozi kuphothifoliyo utshalomali. Ngesikhathi sigaba kumiswa abahwebi emakethe kanye zimali ukunikeza ikhono hhayi kuphela zokucabangela kodwa futhi Arbitrage ukuthengiselana.

Ukukala isibopho emakethe

OFZ amazinga emakethe benzelwe futhi variable. amazinga unomphela noma ishintshwe asethwe ngayinye isikhathi isigqebhezana ngayinye udaba ngabanye. kwakhiwa izinga variable kusekelwe idatha esemthethweni echaza izinga lokwehla kwamandla emali. OFZ izinga kuxhomeke kakhulu izinga ukhiye we Central Bank. Umehluko phakathi izibalo kuba amaphuzu ambalwa nje. Ngemva entwasahlobo ka ukunciphisa amazinga ngezansi 13%, abahlanganyeli emakethe silindele ukwehla. Lokhu kufakazelwa nesidingo ongaphakeme isikweleti. Ngakho, ngo-April idiphozi endalini isamba ruble 110 bhiliyoni ngesilinganiso 12.5% wakwazi ukuze kuhlaliswe zonke bhiliyoni 75 ngesilinganiso esingamaphesenti 13.02%. Njengoba for izibopho, emakethe isungule isivuno salo ka 10,72%. Isidingo kathathu ephakeme kunaleyo supply kuyatholakala. Hhayi Povljana isimo embozwe iziteshi zezimali yokuxhumana ngenxa unswinyo ngu-Europe. zimali Western izinga nesithakazelo, qhubeka bahlanganyele endalini.

Yiziphi amacebo uhulumeni waseRussia?

Ukuze Russian uhulumeni OFZ emakethe - lokhu kuyithuba elihle ukuvala loan kwesabelo sezimali. It is kuhlelwe ukukhipha ukuvikeleka inani ruble ayizigidi eziyizinkulungwane ezingu-250, ephethe umthamo net Luhambo ruble 112 billion. Kuze kube manje, kusukela ekuqaleni komnyaka sekuvele yaqaphela inani ruble 93,3 billion izibopho nge volume net ekhangwa lokususa ruble 12.9 billion. Phakathi ivolumu elilinganisiwe izibambiso amafa ruble ayizigidi eziyizinkulungwane ezingu-150 kuyoba kuya eminyakeni emihlanu, ruble ayizigidi eziyizinkulungwane ezingu-80 sihlelelwe ukukhulula amaphepha esiyiminyaka 5 kuya ku-10. Linani selilonkhe lebantfu labange-ruble angu-20 bhiliyoni uzobe izibambiso esikhishwe, nge Ukujikeleza iminyaka engaphezu kwengu-10. Iningi izibambiso esikhathini esizayo kuyoba ngesilinganiso elintantayo. Ngokusho kochwepheshe, izibopho Mashi esikhishwe Central Bank of the Russian Federation, babe overpriced kakhulu, futhi kule ndaba, zonke Umhlangano kulindeleke ukuba anciphise inani ngasekupheleni kwentwasahlobo. Ingcindezi elibusa izibopho uyaqhubeka ruble kuyadamba.