Source Pravda.Ru

Expert comments on dollar rate - 16 August, 2002

There are a lot of rubles on the market at present and this situationencourages market participants to play for a rise, an expert of acommercial bank said in an interview with RBC. "Banks were buying currencyyesterday and this process continued today, however, then the Central Bankactivated the selling of currency. The Bank did not do that on theexchange, it was selling currency directly to commercial banks and anupward tendency of the rate stopped. Firstly, those who were buyingstarted selling currency and fixing profits. Secondly, one of Russia'slargest banks was selling a considerable volume of currency of its clients.Thirdly, August 20 is approaching, the period of tax payments, and banksare afraid of another crisis of liquidity", the expert said.It is possible that on Monday or Tuesday rubles rates will advanceslightly. However next Wednesday a large volume of state securities will beredeemed. In the second half of next week one will be able to purchasedollars at levels between 31.55 RUR/USD and 31.56 RUR/USD, the expertstressed..