Azerbaijan, Baku /corr. Trend A.Badalova / The expert of Renaissance Capital, Ekaterina Malofeeva, considers that the rate of the Euro will increase in relevance to the US Dollar.
"This currency will rise in relevance to the US Dollar and prices for the raw products will be more expensive," Malofeeva said on 21 September by telephone.
The US Dollar unit dropped to 15-year minimum and the rate of Euro in relevant to the USD exceeded the significance for the first time 1.4USD/Euro. "This year the US federal reserve system sharply decreased the rate of financing which made the USD cheaper in the world currency system," Malofeeva said.
According to her, indeed the dollar dropped, not only on par with the Euro, and also the Pound. "The Dollar rose only with regards to the Yen," she said.
Problems in the mortgage sector became a serious test not only for the USA, but also for the financial system of Europe. The mortgage brokers faced a non-payment crisis. The US mortgage crisis polled down all international trade market. The exchange indices of Anglia, France, Germany and Asia fell. The exchanges in Russia also nervously reacted to the event in the USA. Mostly the shares of VTB which participates in the London Stock Exchange incurred damages. For the first time over the recent four years the federal reserve system decided to decrease the bank rates by 0.5% up to 4.75%.
Malofeeva said that it is too early to speak of the results. Currently the key risk in the international financial system is the probability of the sharp slowing down in the economic growth in the USA. "The US reserve system is doing its best to eliminate the situation in liquidity in the financial system and to avoid the situation with the sharp lack of money and slowing down of the US economy," she said.