The balances at correspondent accounts of Russian commercial banks surged significantly as of the beginning of business today. They went up more than 17bn rubles (about $534m) to almost 116bn rubles (about $3.64bn) in Russia and more than 15bn rubles (about $471m) to about 73bn rubles (about $2.29bn) in the Moscow region. This was the most significant rise since the beginning of this year. It resulted in a fall in ruble credit rates, which had already been low, to a minimum level. One-day ruble credit rates were at 6 percent this morning, before a significant rise in balances at correspondent accounts was announced, and then dropped to 3-3.5 percent.