News

04/02/14

Barkli freezes the exchange rate

Barkli Corporation has decided to “freeze” the currency exchange rate for its projects at 34 rubles per US dollar. This decision has been made due to the considerable fluctuations in the currency market and to maintain stable prices for the Corporation’s property.

Since January 1, 2014, the ruble has depreciated by 7.9% against US dollar and 5.5% against Euro. The last time when the exchange rate got over 35 rubles per US dollar was in January 2009, i. e. five years ago. The Euro has crossed the threshold of 47 rubles for the first time. The closest it got to this threshold was in February 2009 (46.83).

The US dollar rolled back to 30 rubles per USD in September of the same year, i. e. nine months later, while the Euro recovered to the usual 40 rubles only a year later, in February 2010.

“The periods of such instability in the currency market affects the property market’s trends in two opposite ways,” says Yekaterina Fonareva, Barkli Corporation’s Commercial Director. “On the one hand, housing grows more attractive as the only investment option. On the other, when exchange rates get highly volatile, demand is “put on hold”: buyers take on a waiting stance due to the uncertainty as to how the economic situation will develop further, while prices for USD-denominated property are growing. For this reason, it is extremely critical for developers to promptly get their bearings and adjust their pricing policies. We are expecting that this measure will help our customers to make a calm and weighted choice in an uncertain situation to maintain and increase their savings.”

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