Foreign cash market grows in June 2002 in Russia

A substantial growth of the major indicators of the foreign currency marketwas posted in Russia in June 2002 as compared to the figures reported inMay 2002, which was due to an increased activity of population inexchanging foreign currency, a special feature of the beginning of thesummer season, according to the data on foreign cash flow throughauthorized banks in June 2002 released by the Foreign and Public RelationsDepartment of the Russian Central Bank. Additionally, the figures of themajor market parameters were higher in June 2002 than the figures posted inthe corresponding periods of 1999-2001. Increased volumes of operationsrelated to receiving and spending foreign cash were posted by all kinds ofoperations in June 2002, except for foreign currency exports by Russianauthorized banks. The volume of foreign cash received by Russia was $5.131bn in June 2002, anincrease of 31.2 percent from the figure reported in May 2002 and anincrease of 27.4 percent as compared to the figure of June of last year.The volume of spent foreign cash was $5.092bn in June 2002 (an increase of28.5 percent from the figure posted in May 2002 and up 26.9 percent fromthe figure of June 2001). The balances of foreign currency accounts ofauthorized banks remained virtually unchanged at the end of the specifiedperiod: $957.1m, an increase of 5.1 percent from May 2002 and 44.4 percentfrom June of last year. .