Ruble Credit Rates Remain Low In Russia

The ruble balance at correspondent accounts of commercial banks went down again this morning. In other words, this has been happening for the whole week. Today, the balance at corespondent accounts dropped by 3.6bn rubles in Russian commercial banks on average and by 3.5bn rubles - in the Moscow region. In other words, they lost 61.5bn rubles and 42bn rubles respectively since the beginning of this week. As a result, the balance at correspondent accounts were less than 82bn rubles in Russian banks and 48bn rubles - in Moscow banks. Such a significant decrease in the balance at correspondent accounts hasn't led to a deficit in ruble liquidity so far, dealers said. One-day ruble credit rates were set as equal to 3-4% in "first-level" banks and 5-6% - in "second-level" banks. This data proves that there is no ruble deficit now.