Tumble of ruble balances triggers no ruble deficit

At the beginning of business today, the volume of ruble resources at commercial bank correspondent accounts dropped sharply. Across the country, the fall was by over a third of the previous level, or by over RUR65bn (about $2.05bn); in the Moscow region, ruble balances plummeted by a half, or by RUR52bn (about $1.64bn). This morning, balances at commercial bank correspondent accounts amounted to RUR104.5bn (about $3.29bn) throughout Russia and to a little more than RUR60bn (about $1.89bn) in Moscow. These figures have been the lowest since December 19, 2002, which was over two weeks ago.

However, this did not trigger a deterioration of the situation with ruble liquidity at banks and a ruble deficit on the market. The absence of ruble deficit is currently testified to by a low level of credit rates. As specialists reported to RBC, by noon, one-day ruble credit rates were as low as 1 to 2 percent. Yesterday night, credit rates were at a similar level.

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