Situation with ruble resources still favorable on Russian market

The balances of correspondent accounts at commercial banks dropped significantly today. This reduction was almost 16bn rubles (about $504m) in Russia and more than 11bn rubles (about $346m) in Moscow and the Moscow region. This was the most significant fall in balances since June 4, which was five months ago. Nevertheless, this reduction led neither to problems with ruble liquidity at domestic banks nor a ruble deficit on the market. As of now, one-day ruble credit rates do not surpass 8 percent even at "second-tier" banks. The high on dollars hit RUR 31.80 by 11:05 a.m. at this morning's trading session and the trade volume was more than $80m. The high on tomorrow dollar deals on the interbank market has already surpassed RUR 31.80.