At the beginning of business today, balances of ruble resources at commercial bank correspondent accounts declined considerably. Across the country, this drop amounted to RUR11.7bn (about $367.67m); in Moscow, it was RUR8.5bn (about $267.11m). Such a significant decrease has not been registered since January 9, 2003, which was over ten days ago. This morning, ruble balances of correspondent accounts amounted to less than RUR62bn (about $1.95bn) throughout Russia and to a bit more than RUR32bn (about $1.01bn) in Moscow.
As it could be expected, such development of the situation on the ruble market led to a considerable deterioration of ruble liquidity and to a noticeable deficit of ruble resources at banks. A serious lack of ruble resources at banks is currently testified to by high credit rates; their level is exceeding the figures of the previous business day, January 17, by several times.
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