Source Pravda.Ru

Large increase in balances of correspondent accounts drives dollar rate higher

This morning the ruble balances of Russian commercial banks' correspondentaccounts rose substantially. The increase was over RUR7bn (around $222.2m)across Russia and over RUR6bn (around $109.47m) in the Moscow region. Thisis the highest increase since August 30, i.e. the biggest figure postedthis month. The current ruble balances of commercial banks' correspondentaccounts are the highest in five days since September 5, 2002. As oneshould have expected, a noticeable growth in balances of commercial banks'correspondent accounts led to the improvement of the situation with rubleliquidity, which, it turn, had a positive impact on the foreign currencymarket. Today in the afternoon one-day ruble credit rates were 4-6 percent,while dollar exchange rate reached RUR31.65 at the morning dollar tradesession, while on the interbank foreign currency market the prices of dealshave long exceeded that figure..

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