"In fact, the economy in the same time receives four different stimuli. Is it possible to build such an economy, the balance?" - He said.

"Yes, the importer imports and actually generates its income tax liability at the official rate. The cost of the importer are formed at the rate of sale of foreign currency in the interbank market, which is usually higher than the official rate. That is, as a result of this exchange rate policy for the purposes of income importers tax understated and the costs, however, overstated. While the earnings of the exporters are formed at the rate of sale of foreign currency in the interbank market for profits tax purposes, companies are higher than that of the importer. This difference in approach not only reduces state revenue, but also creates benefits for importer exporter compared with "- explained the official.

"Another example - that influence the exchange rate for servicing the public debt. In accordanf53ce with the procedure"s external debt is calculated at the official rate. But the currency for their redemption and services purchased in the interbank market, that is, the higher rate. To cover the difference necessary to provide additional funds in the budget ", - he added.

Another aspect of the activities of enterprises, which used another course - a trip abroad, he said.

"The development of external economic activity is impossible without the travel specialists abroad. For these trips the company buying the currency at cash rate. The population also creates its foreign exchange savings for the course. As a result of exchange rate policy households, businesses and government differently evaluate their own assets in the same time "- the official said.

Parnyuk convinced that the business in such a situation should raise the question of unification of the course.

"Here, what the correct position?" I think you need to bring together these courses. By the way, this solution does not require legislation, and is the National Bank should carry out very fast, effective and understandable to all policy, "- summed up the official said.

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According to experts, such a government activity can lead to a significant reduction in profits as1000the State Administration of Railway Transport "Ukrzaliznytsya" (KM), and domestic marine trade port (ICC).

Iron road builders
    

raise their tariffs railway monopolist tries for the second consecutive year. More July 30, 2008 Ministry of Transport and Communications its order № 955 approved the two-stage increase in rates applicable to the tariffs for railway transportation. According to this document, the first time rates were increased by 6,5% on Aug. 23, 2008, and the second time - on 9,5% - had to be increased by 1 October of the same year. But on Oct. 14, 2008 the Cabinet of Ministers, anxious to crisis support chemical and mining industries, adopted a resolution number 769, which until the end of 2008 imposed a moratorium on tariff increases for rail transportation for companies mentioned industries.

Throughout 2009 the government three times extended the moratorium. As a result, according to preliminary estimates by Dmitry Podturkin, head of the expert group of the consortium Management Consulting Group "," needy "in 2009 cost the railroad about 400 million grn. lost profits. According to the expert, if the current year moratorium on the increase in railway tariffs will be extended, the U.S. did not suffer a smaller loss. Against the backdrop of U.S. debts to the creditors it may still lead to bankruptcy of the company, not to mention the breakdown of investment plans for the current year (which, incidentally, KM, and so does not perform that year in a row).
    

According to analysts of Management Consulting Group, a moratorium has been extended to April 1, 2010, but a relevant ruling Cabinet has not yet been published, although it is 13 January the Deputy Minister of Industrial Policy Sergei Grishchenko stated that the draft resolution to extend the Memorandum of Understanding between government and enterprises of MMC on the I quarter of 2010, involving including a ban on the increase of railway tariffs, already visaed Minister prompolitiki and sent for signature of the Prime Minister. Experts do not rule out that a moratorium on tariff increases KM for metallurgists and chemists can be extended until the end of this year, and in the coming days, because such a reverence towards the country"s largest financial-industrial groups could give one candidate an additional advantage in the electoral race.
    

And the fact that the steel industry today is already far from being in a critical condition in late 2008, nobody paid any attention. And the metallurgists themselves and charge of them, industry officials say about the current and future growth in production volumes. According to forecasts, Mr. Gryshchenko, this growth in 2010 will be approximately 7% compared to 2009, and probably by the end of this year, domestic metallurgists will appear on the figures in 2008

fees to help

actively and effectively lobbied for metallurgy (from the end of last year) and lower port charges. In mid-January on the official website of the Ministry of Economy was leaked draft government resolution "On Amending Resolution of the Cabinet of Ministers on 12 October 2000
№ 1544 "On Port Fees", according to which port charges should be reduced on average by 30%.
    

Recall: 20 August 2008 Cabinet Resolution № 769 increased the level of fees in domestic ports by 58%. But in July 2009, Prime Minister Yulia Tymoshenko has commissioned the first deputy minister of transport and communications Vasily Shevchenko understand how grounded current rates of port charges. Then the high cost of port handling complained farmers and steelworkers. According to Alexander Kawa, the head of the Center of political and economic analysis, the Government is noe43w on the eve of the second round of elections has decided to once again "pozaigryvat with metallurgists. And ports, and metallurgists "measured", who lobby "longer". As recognized in informal conversations heads of several Ukrainian ICC, they are making maximum efforts to the resolution "On Making Amendments ..." had been taken. Officially, the president of the Association of Ports of Ukraine "Ukrport" Vladimir Ivanov BUSINESS advised to seek comments on the matter after the election.

As experts note, reducing port charges would lead to that port workers, as well as railroad workers, will be in no better financial position. As the largest ICC port dues provide up to 15%, and smaller - up to 50-60% of income, then investing in the development of its port infrastructure will have to, like ultrasound, completely forgotten.

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Seventeen of 43, or 40%, participated in a survey of analysts expect to reduce the cost of oil and 14 (33%) - increase. Another 12 respondents do not expect significant changes.

commercial oil in the U.S. last week rose by 2.32 million barrels (0,71%) - up to 328.994 million barrels. As stated in the weekly report of U.S. Department of Energy, published on Wednesday, gasoline inventories fell 1.31 million barrels (0,57%) and amounted to 228.121 million barrels.

Commercial stocks of distillates fell by 948 thousand barrels (0.6%), reaching 156.548 million barrels.

experts expect an increase in oil reserves by 400 thousand barrels, gasoline inventories - by 1.4 million barrels and distillate stocks reduce by 1.15 million barrels.

"Weekly data on stocks may lead to the fact that market participants would be afraid of the next increase of oil" - said President Prestige Economics Jason Schenker.

Oil for delivery in March fell by slightly from last week - up to $ 72.74 a barrel on Friday compared with $ 72.89 for the closing of trading on January 29. Compared to February last year, oil prices rose by 81%.

Most analysts expect a decrease in oil prices up last week, and their prediction come true.

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The worst of the market shares were traded today, the electricity that had to do with the possible influence of technical factors, since the beginning of this year, this segment of the trading was trading with a significant premium to the RTS index and in the background of the publication of statements management Enel, reflected the unwillingness of companies to new investments in this industry of Russia.

somewhat better low liquidity of the market traded securities of industrial and consumer sectors, which generally looks like a traditional for periods of active decay quotations broad stock market phenomenon.

indicator of employment in sectors outside of agriculture America today demonstrated a decline of 20,000 in the expected on average by analysts at the drop of 15000. Even with the revision of the previous value of the dynamics of this index with the -85,000 to -150,000, this information is based on the current general trend of the U.S. labor market statistics in recent weeks, perhaps, could be perceived by the market with some relief.

Perhaps in the short term the stock market quotes win back some lost ground, including those under the influence of technical factors, and on the background of the meeting which began today, G7. However, in general, from the perspective of the coming weeks, the trend decline in investment activity in the stock market now seems to remain the main.

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As of 18:20 Moscow time the MICEX index decreased by 3,5% on the full range of securities. A small burst of buying activity was observed after the publication of data on the labor market in the U.S., but today"s statistics radically affect the situation could not.

In general, the data can be described as mixed. The unemployment rate in the U.S. in January fell by 0.3 percentage points and amounted to 9,7%, which is much better than expected - 10,1%. However, data on the number of jobs outside the agricultural sector, the United States were worse than expected. In January, the number of jobs fell by 20 thousand, while the December data were revised downward (-150 thousand instead of the original -85 thousand). U.S. indexes reacted decline at the opening, however, the rate of decline more moderate compared to yesterday"s dynamics: DJIA and SP 500 lost about 0.5%.

Total trading week was very volatile, and Russian stock indexes have shown reductions on its results. However, from our point of view, to talk about the beginning of a full correction prematurely. The market continues to remain in a position to consolidate within a wide range of 1350-1500 pp. MICEX third consecutive week.

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Analyst Ratings

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Many market participants long awaited correction and embraced the movement of world indices as a sell signal
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In the medium term, the RTS index was stuck in the hallway 1300 -1500 points, today"s value as a 1412 pukto not encouraging