Ruble Deficit Starts On Russian Currency Market

The balance at correspondent accounts of Russian commercial banks dropped again at the morning today, for the sixth day in a row. It went down more than 6bn rubles ($197m) to about 75bn rubles ($2.46bn) in Russia and general and it declined 5.5bn rubles ($181m) to 42bn rubles ($1.38bn) in the Moscow region today. The balance at correspondent accounts plummeted about 68bn rubles ($2.23bn) and more than 47bn rubles ($1.54bn) in Russia and the Moscow region since January 4. This led to the beginning of a ruble deficit among commercial banks, banking specialists reported in an interview with RBC. They also stressed that the activity of dollar purchases fell significantly. In view of this, market participants expect the Central Bank to change its policies on the Russian currency market soon. Experts believe the bank will not sell but start purchasing dollars tomorrow because its policies are not aimed at a significant strengthening of the national currency.

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