Central Bank Continues Currency Interventions To Support National Currency

The Central Bank continued hampering a rise in the dollar exchange rate on the Russian currency market today for the ninth day in a row starting on November 20, 2001. The Central Bank was selling dollars for 29.95 rubles today but, nevertheless, some deals were struck at a higher level on the interbank market. In view of this, specialists forecasted that the volume of Central Bank currency interventions may increase in the future. The end of the month was another factor that was influencing currency trading. Experts forecasted that the situation with ruble liquidity will improve at the beginning of December. As a result, the pressure on the ruble rate will increase and the Central Bank will have to reconsider its policies on supporting the national currency and choose a new support level.