Tumble in ruble balances triggers ruble deficit

At the beginning of business today, balances of ruble resources at commercial bank correspondent accounts declined considerably. Across the country, this drop amounted to RUR11.7bn (about $367.67m); in Moscow, it was RUR8.5bn (about $267.11m). Such a significant decrease has not been registered since January 9, 2003, which was over ten days ago. This morning, ruble balances of correspondent accounts amounted to less than RUR62bn (about $1.95bn) throughout Russia and to a bit more than RUR32bn (about $1.01bn) in Moscow.

As it could be expected, such development of the situation on the ruble market led to a considerable deterioration of ruble liquidity and to a noticeable deficit of ruble resources at banks. A serious lack of ruble resources at banks is currently testified to by high credit rates; their level is exceeding the figures of the previous business day, January 17, by several times.