Central Bank slows down on interbank foreign currency market

Since the beginning of this week the Russian Central Bank has beenimplementing foreign currency interventions neither at the morning dollartrade sessions, nor on the interbank foreign currency market, expertspointed out. According to them, the fact that the weighted average dollarexchange rate remained at the same level at the end of the special sessionon Tuesday - RUR31.63 - is not due to the Central Bank's efforts aimed atcontaining the dollar exchange rate growth. Indirect evidence of theCentral Bank's non-participation in today's unified dollar trade session isthe trade volume, which dropped by over $10m from the previous figure. As aresult, this trade volume of $70m was the lowest since August 28, 2002,i.e. in nearly two weeks. Experts were quoted as saying the unsubstantialtrade volume posted on the interbank market also pointed to the fact thatthis morning the Central Bank did not interfere into the dollar tradesession on the interbank foreign currency market..

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