Ukusebenza repo - kuyini? Repos kanye izibambiso obolekisayo

Ifomethi ezivamile futhi ezithandwayo of okuphephile credit izibambiso noma imali - kungcono repo imisebenzi. Kuyini uzame ukuqonda kusukela ekuqaleni. Isivumelwano lokuyihlenga (le-REPO, REPO) kuyinto inkontileka kwamatayitela Ukuboleka, futhi kuqinisekiswa izimali. Kuyisimo esifanayo kuyolungiswa lapho yisiboniso kwemali isenzo izibambiso. izivumelwano ukuthenga zivame ukubizwa ngokuthi isivumelwano lokuhlenga izibambiso. Isivumelwano ichaza izibopho obuhlukile ngamunye amaqembu: ukudayiswa kanye lokuthenga.

izinhlobo lokuyihlenga

Kukhona nezakhiwo ezimbili repos: phambili futhi ukuhlanekezela. sivumelwano Direct ichaza ukudayiswa izibambiso elilodwa inhlangano kwenye. Parallel uyavuma ukuthi iqembu lokuqala lokuthenga izibambiso yayo ngendlela esifike ngesikhathi futhi ngentengo zangaphambi bavumelana. Lokuyihlenga oyokwenziwa ngemali eyinhloko kakhulu kunalokhu. Isandiso phakathi intengo ukudayiswa kanye yentengo izibambiso iphakethe ibonisa inzuzo ekusebenzeni. Lubonakaliswa njengoba amaphesenti ngonyaka, futhi ubizwa ngokuthi kwesilinganiso semalimboleko. Inhloso esemqoka izivumelwano eqondile ukuheha imithombo yezimali.

repo obuyela emuva kuhilela yokufuna iphasela kwemibhalo, futhi nokuzinikela kwabo ukudayiswa yayo emuva. Injongo eyinhloko isivumelwano ukwabiwa yesikhashana nezimali ezitholakalayo.

Ingqikithi kwezomnotho zokukhokhelwa

Ngokumelene zasemuva zezinye izinhlelo manipulations nge izibambiso uhlala yafuna kakhulu repo imisebenzi. Kuyini kusukela iphuzu kwezomnotho umbono, kusobala ngempela. Enye uhlangothi uthola ukubambisana kuyaqhubeka ezidingekayo ukuze layo imithombo yezimali, wesibili is aqede ngokuphelele ethile izibambiso. Plus, ngakolunye uhlangothi uthola inzalo ekusetshenzisweni yesikhashana izimpahla zalo eziphathekayo. Ukuthengiselana ingxenye enkulu eyenziwa nge izibambiso kahulumeni kanye zivalelwe isigaba izivumelwano zesikhathi esifishane. Inkontileka yiwona olawula ngokubambisana okuthatha izinsuku eziningana ukuze ezinyangeni ezimbalwa. Ngo umkhuba emhlabeni, ngokuvamile kukhona inkontileka diurnal. Phakathi nomthengisi kanye umthengi ngomkhulumeli kukhona izibambiso kuthengiselana. Njengoba umuntu wesithathu ezimweni eziningi ukhonza yasebhange isikhungo, ogama yemfanelo taloko e inkontileka. Isimo sifuna kwenziwe ukuvulwa yama-akhawunti izibambiso and imali ebhange elingumlamuli. Kuvele ilungiselelo lapho amaqembu amathathu, akunazingozi iqhaza.

Lokuthenga futhi obolekisayo

Uma ubheka i-repo ngokuvamile, kungaba ngokuthi ukuguqulwa credit kuvikelwe impahla eyigugu. Umahluko owokuthi ukuthi ukudluliswa izibambiso kanye kokuthola imali esandleni aphethwe ngesikhathi esifanayo. ukudluliselwa ezisheshayo kobunikazi omunye umhlanganyeli kwenye inkontileka - lokhu kungenye isici has a operation kabusha. Ukuthi kuyini, enemininingwane nakakhulu uyazama ukuqonda izigaba ngokubambisana.

Lokuyihlenga unezigaba ezimbili:

• ukuthenga Primary noma ukuthengiswa izibambiso.
• Xhumana ethengiwe noma ukuthengiswa izibambiso.

Imininingwane ekusebenziseni izinyathelo bavumelana

umehluko isikhathi phakathi ukuqaliswa ingxenye yokuqala neyesibili yesivumelwano ukubizwa ngokuthi inkathi lokuyihlenga. Isikhathi phakathi manipulations ngokuvamile kulinganiswa ezinsukwini zekhalenda. Countdown iqala ngemva kosuku ukusebenza amaqembu izibopho zabo futhi iphela ngosuku ukuqaliswa ingxenye yesivumelwano yesibili. Ngamunye amaqembu uhlala indima umthengi futhi njengoba umdayisi. Kaningana, umthengi wangempela izibambiso okukhulunywe ayemkweleta, futhi umdayisi wasekuqaleni - umboleki. Investment ukuthengiselana e izibambiso umthengi wokuqala repo format, umthengi ubona zokukhwabanisa ngesimo izivumelwano lokuyihlenga reverse. Izibambiso ayisihloko yesivumelwano, ukubizwa ngokuthi noma yefa langaphansi noma eseduze. REPO ukuthengiselana ohlanganiswa nezinhlinzeko wesikweletu, inikeza izibambiso bayigugu ngesilinganiso lokuyihlenga.

izingozi inkontileka

Ubungozi - isakhi esiyisibopho, ngaphandle okuyinto akunakwenzeka futhi repos. Kuyini futhi lokho izingozi sici lungiselelo? Ake sihlole ngamunye ngamunye. Izingozi emikhulu ehlobene yokuthi esigabeni yesivumelwano yesibili ayikwazi babulawa. Amathuba kuphezulu ukuthi ngesikhathi lokuyihlenga kusuka umdayisi ngeke ezandleni zalabo izibambiso efanayo futhi izimali kuyoba engekho umthengi. Usizo ezimweni ezinjalo kungase kube sengathi ezikweletini, futhi ukuboshwa akhawunti. Njengoba okukhethwa kukho: ngenxa yezinguquko isimo emakethe amaqembu angase nje senqabe fulfill bo bopho ekuphishekeleni ezazizozuzisa yena.

ingozi encishisiwe lokuyihlenga

Ukuze kuncishiswe ingozi ezizenzakalelayo omunye amaqembu ukuthenga nokuthengisa izibambiso kumele sihambisane la maphuzu alandelayo:

• Discounting isofthiwe.
• Ukuzibophelela okuphambili kudingeka sihlaziye.
• Phakathi ezibalulekile ngokwanele ukuhlinzekela isilawuli ehlelekile.
• Ukungeza margin (isinxephezelo) izinkokhelo.

Isaphulelo maqondana repo liyinani ephawula intengo emakethe lesibambiso ngokuhambisana ubukhulu ukuzibophezela ezikhona iphuzu elithile ngesikhathi futhi kulo lonke ekuphileni yobudlelwane.

Uphaphe ingxenye REPO esikalini ucabangela ukubaluleka kokuqala isaphulelo, okuyinto kunqunywa isivumelwano phakathi kwamaqembu kule kuthengiselana. Kuwufanele ukunaka lokhu okulandelayo:

• Inani eliphakeme isaphulelo inikeza izinzuzo ezinhle umthengi, othola izandla phezu isofthiwe ngezindleko eziphansi.
• The ephansi Isaphulelo kokuqala, aba maningi Tinzuzo umdayisi onikela isofthiwe ngemali ephakeme.

It lingahunyushwa baphetha ukuthi isaphulelo eyinhloko ubonisa uyamukeleka ngamunye amaqembu ubudlelwane ukuthenga intengo kanye izindleko izibopho yesondlo ngaphansi ingxenye yokuqala sivumelwano.

Ukushintsha ukubaluleka eseduze ukuze repo

Kuze mzuzu ukugcwaliseka ingxenye yokuqala ukubaluleka kabusha okubhekene ezimweni eziningi uhlala ingashintshiwe. Izinguquko kube isofthiwe, futhi ngisho nangalesosikhathi kancane kuphela, ngenxa ukubambezeleka nesikhathi ekukhishweni yesivumelwano ezinsukwini 1-3. Ngesikhathi esifanayo ngokuhamba repo imisebenzi nge term izinyanga 3 noma ngaphezulu njengoba intengo ukuzinikela nokuvikeleka ingahluka kakhulu. Ukuthuthukiswa zenzakalo zizodingidwa sigxilise lezi zinto ezilandelayo:

• Dynamics of the ngemali yasemakethe.
• ukukhula kwemali engenayo ye-REPO kuthengiselana.
• Shintsha e isaphulelo kuqhathaniswa inani layo kokuqala, lokhu kungabangela omunye amaqembu ukuthela ukulahlekelwa okukhulu.

Mshini isinxephezelo izinkokhelo

Ukuphungula isimo kungenzeka is a indlela yokukhokhelwa izinkokhelo. It ivuswe ngu isiphelo sesimiso esivumelwaneni amagugu umkhawulo we Isaphulelo: esiphezulu kanye esincane. Kuyo yonke inkathi repo ngaphakathi MICEX yokuhweba uhlelo kuyinto revaluation yansuku zonke izikweletu kanye namanani ukuqinisekisa izinga elawulwa of nokwanela.

Uma imali yesondlo izindleko liphansi, kanye namakhophi ukuhlolwa yayo kwangaphambilini overpriced, omunye amaqembu ukuqeda ekulahlekelweni iqembu lesibili, baphoqwa ukuba wenze inkokhelo compensatory. It ungaboniswa izibambiso, futhi ifomethi lwemali. Kulesi simo, inkontileka repo ingasebenza modified. Izibopho amaqembu kwi ingxenye kuthengiselana yesibili ziyancipha. Uma udinga ukwenza ohlangothini isinxephezelo yokukhokha engayinaki nezibopho zayo, kukhona isidingo ukuqaliswa yokuqala yaleli ingxenye yesivumelwano yesibili. Mshini isinxephezelo izinkokhelo ikuvumela ukuba silondoloze ukulinganisela phakathi kwezibopho kanye. Yena bangaba Initiator of ukusebenza ekuqaleni kuka izibopho ngaphansi inkontileka.

Patrimony

Active imisebenzi ebhange ngaphansi lokuyihlenga uhlelo emakethe isibopho okokuqala waqala ukuqhuba ngo-2003, ngemva kwemukelwa nomthetho ofanele. Ezikhathini zobunzima kwezomnotho, okuyinto iqhakazile e yonke inkazimulo yayo ngo-2008, inani ukuthengiselana ezimbili - phambili bese ukuhlanekezela repo - washintsha. Babé isisindo ephakeme njengoba ithuluzi evelele ukuhlinzeka zezimali ebhidlikayo uhlelo yasebhange. Kuyaphawuleka ukuthi esikhathini ngezikhathi ezithile main, futhi ngezinye izikhathi umhlinzeki kuphela zezimali, kusukela ngo-2008, ukhonza Central Bank of the Russian Federation. Leli qiniso waqinisekisa iqiniso lokuthi imiphumela repo indali ngo-2008 no-2009 wakhomba ngokucacile ukuba Central Bank njengoba zezimali umhlinzeki.

Indima Central Bank ngo-repo ukuthengiselana

Izikhungo zemali abakhuthalele usebenzisa imisebenzi asebenzayo we repo yasebhange ukugcina zezimali efanayo. Lokhu kufakazelwa iqiniso lokuthi iningi izivumelwano akuyona esingaphezu kosuku. Ukusebenza okuthatha 3 kuya 7 izinsuku ngesilinganiso esingamaphesenti% ngonyaka 9,22-12,4 ezingavamile kakhulu. Lapho ebhekene umthengi isibopho ingxenye yokuqala yesivumelwano futhi umdayisi yomzuzwana cishe ngaso sonke isikhathi wenza njengoba CBR. Lokho yasebhange futhi inquma inani labamba iqhaza Funa izinto ezisendalini emva ukubuyekeza owandulelayo izicelo.

Ekhuluma ewukuhlakanipha okwenziwe wokuvikela noma ingaba nezindaba njengoba eziyisisekelo izibopho ngokwabo izibopho okuqondene isigaba izibambiso, noma iyiphi nezinye izibambiso ezifakwe ku Lombard uhlu Bank of Russia. Buhle izivumelwano kungaba obuyiyo zinezikhathi ukwelashwa intela ngabanye. Lokhu kwenza manipulation cishe ephumelela kunazo abolekise indlela.