Source Pravda.Ru

Central Bank refrains from interference in inter-bank market trade

In contrast to the morning trading session for the US dollar, the CentralBank has been refraining from interference in the afternoon trade and hasnot been buying dollars on the inter-bank market on Wednesday. Experts ofseveral commercial banks remarked on this fact in an interview with RBC.Commenting on some increase in the rates for 'tomorrow' deals on theinter-bank market, compared to yesterday's levels, including a rise in themaximum rate to RUR21.58 per dollar, experts mentioned a rise in theweighted-average dollar rate at the Unified Trading Session on the thirdbusiness day of the week and a continuing favorable situation with rubleliquidity. Bank dealers told RBC that the interest rates for overnightcredits in rubles had been at a still low level of 3-5% this afternoon. Atthe same time the experts pointed out that one should not expect asubstantial rise in the dollar rate in the short term. The experts reportedin this connection that the activity of traders had remained quite lowduring the afternoon trade. Thus, the trade volume for 'tomorrow' dealsbarely exceeded $25m at the afternoon trading session as of 3 p.m. .

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