Ruble balance decrease triggers no ruble deficit

This morning, the volume of ruble balances of correspondent accounts atcommercial banks went down. This decline amounted to RUR1bn (about $31.67m)across Russia and RUR2.6bn (about $82.35m) in the Moscow region. However,the decrease in ruble resources at bank correspondent accounts did not leadto the deterioration of the situation with ruble liquidity and to a rubledeficit on the market.Several commercial bank specialists pointed to this in an interview withRBC. They pointed out that by noon, one-day ruble credit rates haveamounted to as low as 1-2 percent. Even the weekend taken into account,ruble credit rates do not exceed 6 percent, which is low. Dealers point tothe fact that as early as this morning, one-day ruble credit rates wereabout 5 percent; however, later they have decreased even more..

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