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The rate of the dollar on MICEX grew by 0.79 percent in March (from 4,818 up to 4,856 rubles to the dollar) which amounts to 9.9 percent annualized. Gross turnover shank to the level of 2,284 billion rubles which is about half of the volume in February (in February--4,013 billion rubles). First three weeks in April showed an increasing interest on the part of the economic agents towards this sector of the financial market. Overall gross turnover for that period amounted to 2,353 billion rubles, growth rate--25 percent annualized. Quotations on the non-exchange market in April steadily surpassed the currency exchange rate by 10-20 rubles. In order to cover the gap between the demand and supply, the RCB was forced to sell 50-70 million dollars a week.

An obvious low level of activity was registered on the futures currency market in April. Quotations predictability and an insignificant level of transactions well reflect the fall in the investors interest towards investment and gamble on the long-term contracts. Fluctuations of quotations in March-April amounted to not more than 10 rubles to the dollar on the contracts with supply date up to half-year and 40-70 rubles to the dollar for longer-term supply date. Turnover of currency futures transactions in April shank by 25 percent in comparison with March.

On April 4 the RCB organized the first pawn auction in which six banks took place. The RCB managed to place 45 percent of funds being auctioned using cut price at 60 percent annual which corresponded to the market level on seven days loans. The second pawn auction fixed for 16 April will not take place because the RCB was not pleased with placed bids.

Table 2. Financial markets indices

March

April

monthly inflation

2,8%

2,6-2,8%*

the RCB refinancing rate

120%

120%

the overall value of outstanding GKOs-OFZs (trillion rubles)

108

120*

US dollar rate by the end of the month on MICEX (rubles)

4856

4946*

DM rate by the end of the month on MICEX (rubles)

3275

3290*

average growth rate of US dollar rate for a month according to trend (annual %)

9,9%

25%*

average growth rate of DM rate for a month according to trend (annual %)

-1,8%

5,6%*

average estimated yield on futures currency sales (annual %) with the supply date:

15.05.96

18%

17,8%*

15.09.96

19,4%

19%*

15.01.97

21%

20,8%*

gross turnover on the currency exchange market for a month (billion rubles)

2284

3400*

auction yield on three-months bills (end of the month)

181,76%

188,9%*

auction yield on six-month bills (end of the month)

174,67%

235,1%*

auction yield on OFZs (end of the month)

93,03

93,03%*

auction yield on OGSZs (end of the month)

94,54%

104,3%*

redemption yield on GKO issues (annual %) with maturity dates:

less than 1 month

77,55%

76%*

1-3 months

93,3%

95%*

3-6 months

112,15%

140%*

average yield on all issues

91,3%

106%*

average redemption yield on all OFZs issues (annual %)

145,3%

148%*

the value of outstanding GKO-OFZ for a month (billion rubles)

39431

34000*

IMC-INSTAR rate (annual % end of month) on loans for:

1 week

67,6%

75%*

2 weeks

51,5%

74%*

1 month

58,5%

64%*

effective yield on bonds of the Vnesheconombank, USD

2 issue

11,98%

14,99%

3 issue

14,67%

15,3%*

4 issue

17,88%

18,4%*

5 issue

16,18%

16,3%*

interest rate on loans to direct borrows (3 months, end of month)

152,5%

124,3%*

interest rate on deposits (3 months, end of month)

62%

54,7%*

interest rate on deposits in Sberbank Moscow (1 month, end of month)

38,4%

38,4%

* estimate

** Data valid for the last month

by S.Arkhipov, S.Drobyshevsky,

S.Sinelnikov-Murylev, G.Trofimov

The Trends in forming The Structure of The Privatized Enterprises’ Share Ownersip

It was the first wave of the primary share placing by the privatized enterprises that makes it possible to assume that the structure of authorized capital of the newly emerged joint-stock companies has a tendency to gravitate rather to a continental Europe model, with its clear-cut majoritarian control over the capital, allowing for Russian peculiarities and flaws of the transition period, than to a dispersed British-American model.

On the other hand, at present there is no room for assertions that Russian banks can be successful in maintaining the functions of the corporate control (and the strategical ownership of shares), typical of the commercial banks in Western Europe. It stems from both the corporate policy of the enterprises’ managers and the absence of the link between the strategical holder of shares (trust, pledge) and the source of finance as applied to the banks.

It follows that the emerging model does not influence, in a large measure, the improvement of the indicators of the privatized enterprises’ efficiency. Although the bulk of the controlling interest is in the hands of rather big institutional holders, the model, at this stage, is not designed for a long-term management and control by the company, and, consequently, it is unable to stimulate the long-term investments required for upgrading and development of the enterprises. In this respect the problems of the market development for corporate securities and investment institutions (first and foremost, of the transformation mechanism of the market of predominantly large blocks of shares into the market intended for a multiple investment basis) acquire a particular importance as an object of state regulation.

The following key trends in the dynamic structure of the authorizes capital of the privatized companies in Russia can be singled out: a fall in the employees’ share; stabilization or growth in the share of the administration (management); a rise in the large outside investors’ share (which will show a substantial increase after the sales of block of shares begin within the framework of the secondary stage of the privatization; stabilization or a very slight increase in the small outside investors’ share; a slow growth of the state share; a low rise in the share of foreign investors. On a larger scale, (See Table 3) it can be considered as an aggregate decrease in the employees’ share and a growth in the share of the outside shareholders in the authorized capital at the expense of large institutional investors (commercial banks, investment funds and brokers’ offices). The state share in the authorized capital of most companies (except strategically important industries and a number of largest joint-stock companies) is of no practical importance. In our view, the above trends will remain unchanged for 1996-1997. Their dynamics may lead to the following conclusion: subject to all other terms remaining unchanged these trends will intensify, and their development will first of all depend on the following factors - the conditions on the stock market and the procedures of the corporate management in Russia.

Table 3 Change in the share of the most important groups of shareholders in the authorized capital, 1994-1995, average figures, in per cent of the statutory

capital*

April

1994

December

1994

March

1995

June

1995

June

1996

(estimated)

Insiders

total

62

60

60

56

51

- employees

53

49

47

43

35

- managers

9

11

13

13

16

Outsiders

total

21

27

28

33

45

- large

11

16

17

22

32

- small

10

11

11

11

13

State

17

13

12

11

4

Total

100

100

100

100

100

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