Opaleshoni Repo - ndichiyani? Repos ndi sheya kukongoza

Ambiri ndi otchuka mtundu wa masheya wotetezedwa ngongole kapena ndalama - ndi ntchito repo. Kodi izo kuyesetsa kumvetsa kuyambira pachiyambi. Mgwirizano kuwombola (a REPO, REPO) ndi mgwirizano wa pobwereka sheya, ndipo amayenda ndi ndalama. zinthu zikhoza adzagonjetsa pamene guarantor sankakhala kuchita sheya. mapangano kuwombola nthawi zambiri amatchedwa pangano kuwombola mtundu wa masheya. pangano amasonyeza udindo mosiyana ndi aliyense wa zipani: kugulitsa ndi kugula.

Mitundu ya kuwombola

Pali akamagwiritsa awiri repos: patsogolo ndi kuigonjetsa. Direct pangano amasonyeza kugulitsa masheya a chipani wina ndi mzake. Kufanana ndi anavomera kuti gulu loyamba kuwombola sheya ake m'njira yake ndipo pa mtengo chisanadze anavomera. Kuwombola idzachitike pa mtengo wapamwamba chachikulu. Extension pakati pa mtengo malonda ndi mtengo ogulidwa ndi phukusi sheya amasonyeza profitability ya opaleshoni. Iwo chimaonetsera kuchuluka pa annum, ndipo akutchedwa mlingo repo. Cholinga chachikulu cha mapangano mwachindunji ndi kukopa chuma.

N'zosiyana repo ikukhudza kupeza phukusi la zolembedwa, ndiponso kudzipereka ndi malonda ake kumbuyo. Cholinga cha pangano ndi Kugawilidwa kwanthaka zosakhalitsa ndalama zilipo.

Thunthu chuma wotuluka

Against maziko a mwai wina ndi sheya akanali kwambiri adamfunsa ntchito repo. Ndichiyani ku mfundo chuma view, n'zoonekeratu kwambiri. mbali imodzi afika zibwenzi yofuna ofunika ake ndalama, wachiwiri kwathunthu kumatha drawback wa masheya a. Plus, mbali yina afika chidwi pa ntchito kwa kanthawi chuma chake chogwirika. Wotuluka ku mbali yaikulu ikuchitika ndi sheya boma ndipo amangokhala gulu mabacteria yochepa. Mgwirizanowo amayendetsera mgwirizano wosatha ku masiku angapo miyezi ingapo. Zochita dziko, kaŵirikaŵiri diurnal mgwirizano. Pakati pa wogulitsa ndi wogula mwa m'khalapakati ndi sheya ndikupeleka. Monga munthu wachitatu zinthu kwambiri akutumikira banki bungwe, amene udindo zinalembedwa mwatsatanetsatane mu mgwirizano. pakufunikira kutsegula nkhani kwa sheya ndi ndalama mu banki mkhalapakati. Kakonzedwe imene magulu atatu, ndi zochepa yowopsa nawo.

Kuwombola ndi kukongoza

Ngati inu mukuyang'ana pa repo zambiri, akhoza kutchedwa kusinthidwa ngongole wotetezedwa ndi chuma chamtengo wapatali. Kusiyana komwe kulipo ndi kulanda sheya ndi chiphaso cha ndalama pa dzanja umachitika pa nthawi yomweyo. Zichitike kulanda umwini kwa ophunzira wina ndi pangano - ichi ndi chinthu china chomwe chili ndi kuwawombola ntchito. Chimene icho chiri, ngakhale zambiri mwatsatanetsatane kuyesetsa kumvetsa magawo a mgwirizano wa.

Kuwombola imakhala ndi mbali ziwiri:

• Pulayimale kugula kapena kugulitsa masheya.
• Lumikizanani ndi kugula kapena kugulitsa masheya.

Limatchula za kukhazikitsa njira anagwirizana

nthawi kusiyana pakati pa kukhazikitsa gawo loyamba ndi lachiwiri la pangano amatchedwa nthawi kuwombola. Nthawi pakati mwai ndi ambiri amayezedwa masiku kalendala. Kuwerengetsa nkuyamba tsiku ntchito ndi magulu a maudindo awo ndipo itha pa tsiku la kukhazikitsa gawo lachiwiri la pangano. Aliyense wa zipani amakhala ndi udindo wogula komanso wogulitsa a. Nthawi zambiri, wogula pachiyambi kwa masheya a anatchula ngongole, ndi wogulitsa choyambirira - wobwereka. wotuluka Investment mu sheya kwa wogulitsa loyamba repo mtundu amagulira amaona mpheto mu mawonekedwe a mapangano n'zosiyana kuwombola. Sheya ndiwo mutu wa pangano, amatchedwa kapena kalembera chimapangitsa kapena ina. REPO wotuluka kugwirizana ndi makonzedwe a ngongole, amapereka sheya ndi ofunika pa mlingo kuwombola.

kuopsa mgwirizano

Chiopsezo - chigawo chimodzi kuvomerezedwa, popanda zomwe n'zosatheka ngakhale repos. Kodi izo ndi zimene kuopsa ndi khalidwe la dongosolo? Tiyeni tione mmodzi ndi mmodzi. Ngozi yaikulu kugwirizana ndi mfundo yakuti yachiwiri mgwirizano sangathe aphedwe. Mosavuta ndi mkulu kuti pa nthawi imene kuwombola kwa wogulitsa sadzakhala ali pa manja a sheya omwewo ndi ndalama adzakhala kutali wogula. Thandizo pa mavuto amenewa ngati bankirapuse, ndi kumangidwa kwa nkhani. Monga njira: chifukwa cha kusintha mu msika zinthu za zipani amangokhala amakana kukwaniritsa udindo wawo pofuna chodzikonda.

Yafupika chiopsezo woiwombola

Kuchepetsa chiopsezo cha kusakhulupirika kwa mmodzi wa zipani kugula ndi kugulitsa masheya ayenera mfundo zotsatirazi:

• Discounting mapulogalamu.
• Zitsimikizo ayenera tionenso.
• Pa mokwanira zofunika kupereka ulamuliro ndi mwadongosolo.
• Kuwonjezera malire (malipiro) malipiro.

Kuchotsera poyerekezera repo ndi mtengo umene wafala mtengo msika wa chitetezo malinga ndi kukula kwa kudzipereka wogwila kuti ina nthawi ndi mu moyo wa mgwirizano wa.

Nthenga gawo REPO ayesedwa kuganizira kufunika woyambirira wa kuchotsera, amene anatsimikiza ndi mgwirizano pakati pa zipani mu ndikupeleka. M'pofunikanso powasamalira zotsatirazi:

• A mtengo wapamwamba kuchotsera amapereka madalitso abwino wogula, amene amapeza manja ake pa pulogalamu pa mtengo wotsikirapo.
• M'munsi kuchotsera koyamba, wamkulu ubwino wokhala wogulitsa amene amapereka mapulogalamu pa mtengo wapamwamba.

Ndizachidziwikire kuti kuchotsera chachikulu amasonyeza alandiridwa aliyense wa zipani kuti ubale zotsalazo ndi mtengo udindo yokonza pansi gawo loyamba la pangano.

Kusintha kufunika ina kwa repo

Mpaka nthawi ya kukwaniritsidwa kwa mbali yoyamba ya mtengo kuwombola ndi udindo mu zochitika ambiri amakhalabe sichinasinthe. Kusintha kuti mapulogalamu yekha, ndipo ngakhale pang'ono chabe, chifukwa nthawi kuchedwa a chilango cha mgwirizano mu masiku 1-3. Pa nthawi yomweyo mu njira ya ntchito repo ndi mawu a miyezi 3 kapena zambiri monga mtengo kudzipereka komanso chitetezo zingasiyane kwambiri. Kukula kwa chidzachitike aike mfundo zotsatirazi:

• Mphamvu ya mtengo msika.
• kukula Revenue wa REPO ndikupeleka.
• Kusintha mu kuchotsera poyerekeza ndi kufunika kwake koyamba, amene adzachititsa limodzi mwa magulu kubala zomvetsa yokulirapo.

Limagwirira ya malipiro chipukuta misozi

Kuthetsa vuto Nkosatheka ndi njira ya malipiro chipukuta misozi. Iwo adamulowetsa ndi mapeto a mgwirizano pa malire mfundo za kuchotsera pa: pazipita ndi osachepera. Kwa nthawi yonse ya repo mwa dongosolo MICEX malonda ndi revaluation tsiku la ngongole ndi mitengo kuonetsetsa ankalamulira mlingo wa adequacy.

Ngati yokonza mtengo zachepa, ndipo ziyenera ake kuyambirira overpriced, limodzi la mapwando kuthetsa imfa ya chipani chachiwiri, anakakamizika kupeza malipiro compensatory. Iwo tingasonyezere sheya, ndi mtundu ndalama. Mu zinthu izi, repo mgwirizano pang'ono kusinthidwa. Maudindo a zipani pa gawo lachiwiri la ndikupeleka ndi kuchepetsedwa. Ngati mukufuna kuti mbali malipiro malipilo anyalanyaza udindo wake, pakufunika kukhazikitsa oyambirira gawo lachiwiri la mgwirizano. Limagwirira ya malipiro malipilo limakupatsani kaonedwe pakati pa udindo ndi. Iye akhoza kukhala Mlengi wa ntchito oyambirira udindo pansi mgwirizano.

Patrimony

Yogwira ntchito ya gombe pansi kuwombola chiwembu mwa chimangiriro msika kwa nthawi yoyamba anayamba kuchita mu 2003, pambuyo kukhazikitsidwa kwa malamulo zogwirizana. Mu nthawi ya mavuto azachuma, omwe bloomed mu ulemerero wake onse mu 2008, mtengo wa wotuluka awiri - kutsogolo ndi chigamulocho repo - anasintha. Achita kulemera apamwamba monga chida wamphamvu kupereka liquidity anagwa dongosolo kubanki. Dziwani kuti intervals ena nthawi waukulu, ndi zina WOPEREKA yekha wa liquidity, kuyambira 2008, ali Bank ku Central la Chitaganya cha Russia. Zimenezi bwino zikutsimikiziridwa ndi chakuti zotsatira za amagulitsa nsombazo repo mu 2008 ndi 2009 momveka bwino kuti Bank ku Central amatipatsa liquidity.

Udindo wa Bank ku Central mu wotuluka repo

mabungwe Financial zikukangalika ntchito ntchito yogwira wa repo banki kusungabe liquidity chomwecho. Izi zikuonekera bwino ndi chakuti ambiri mabacteria ndi osapitirira tsiku. Opaleshoni wosatha ku masiku 3 mpaka 7 pa mlingo wa% pa annum 9,22-12,4 yosowa kwambiri. Mu nkhope ya wogula chomangira pa mbali yoyamba ya chipangano ndi wogulitsa chachiwiri ndi pafupifupi nthawi zonse amachita ngati CBR. Kuti banki kudziŵa chiwerengero cha ophunzira kuti zotchipa patapita review kuyambirira ofunsira.

Mu udindo wa chitetezo kapena akhoza kuchita nkhani yakuti kumangidwa okha nsinga za thupi gulu la sheya, sheya zina zilizonse m'gulu la Lombard mndandanda wa Bank of Russia. Ubwino wa mapangano a angatchedwe zimene yodziwika msonkho munthu chithandizo. Izi zimapangitsa mpheto pafupifupi zothandiza kwambiri kukongoza limagwirira.