The balances at correspondent accounts of Russian commercial banks dropped again this morning. This reduction totaled more than 7bn rubles (about $220m) in Russia and almost 4bn rubles (about $126m) in Moscow and the surrounding region. Experts reported that the balances had been falling for the third business day in a row, since January 9. The fall in balances at correspondent accounts over this period totaled more than 35bn rubles (about $1.1bn) in Russia and 28bn rubles (about $880m) in Moscow, thus the balances reached only 75bn rubles (about $2.36bn) and 41bn rubles (about $1.29bn) in Russia and the Moscow region respectively. These balances are the lowest since October 2002.
However, this fall did not lead to the worsening of ruble liquidity of domestic banks and a ruble deficit. Only-day ruble credit rates were 4-5 percent by midday today, which was only slightly above the credit rates on Friday, January 10, but they are still rather low.
Russian President Vladimir Putin, in his speech dedicated to the Day of the Russian Navy, recalled the threats that Russia is currently facing from a number of countries.