Low balances at correspondent accounts lead to no ruble deficit - 23 December, 2002

The balances at correspondent accounts of Russian commercial banks went down at the beginning of business today. This reduction made up 5.6bn rubles (about $176m) in Russia and 400m rubles (about $12.58m) in Moscow and the Moscow region. The fall resulted in a slight rise in ruble credit rates. They increased to 5-6 percent today while they were below 3 percent on Friday, December 20, bank experts reported to RBC.

Experts stated that a fall in the balances at correspondent accounts and a slight increase in ruble credit rates did not result in a ruble deficit on the Russian currency market. They noted that the balances at correspondent accounts had been above 100bn rubles (about $3.15bn) in Russia and no lower than 62bn rubles (about $1.95bn) in Moscow for almost a week.