Source Pravda.Ru

Decline in correspondent accounts leads to fall in dollar rate

At the beginning of the business day on August 12 ruble balances atcorrespondent accounts of commercial banks decreased. It was the first dropacross Russia since August 5, i.e. in a week, while a drop in correspondentaccounts in the Moscow region was last posted on August 8. The decline inruble balances of correspondent accounts was nearly RUR4bn (around $126.9m)across Russia and over RUR1bn (around $31.74m) in the Moscow region, whichis the biggest figure since August 8. As a result, the dollar exchange ratedropped at the morning trade session on Monday. Commercial banks' dealerspoint to the fact that the ruble's strengthening against the US dollar attoday's unified dollar trading session took place amid pretty high tradevolume. According to specialists, it is due to an increased dollar supplyfrom commercial banks at the special dollar trade session. Experts pointout banks are currently forced to step up their dollar selling because of acertain shortage of ruble resources. .