Balances of correspondent accounts at Russian commercial banks became noticeably lower at the beginning of business today. This decrease amounted to 16.8bn rubles ($527m) at banks in the Moscow region and to 17.6bn rubles ($552m) throughout Russia. This has been the most considerable drop since January 5. As a result the balance of correspondent accounts at Russian commercial banks amounted to 92.771 billion rubles (about $2.91bn) and in the Moscow region it reached 55.211 billion rubles (about $1.73bn). These figures have been the lowest since December 10, 2002.
Nevertheless, this sharp decrease in balances did not lead to a worsening of the situation with ruble liquidity and the emergence of ruble deficit on the market in the first half of the day. Evidence of a lack of ruble deficit is the minimal level of one-day ruble credit rates that have been 3-3.5 percent.