Experts Link Rise In Dollar Rate To Low Ruble Credit Rates - 4 October, 2001

The dollar exchange rate has been rising on the Russian stock market for the fourth day in a row, or from the very beginning of October. As a result, it went up from 29.39 to 29.5 rubles, banking experts reported in an interview with RBC. They linked this noticeable rise to low ruble credit rates and a long absence of currency interventions of the Central Bank. Experts noted that one-day ruble credit rates reached about 2 or 4 per cent on the interbank market in the afternoon today and the Central Bank is still not making any attempts to retrain a rise in the dollar rate. At the same time, the activity of Russian commercial banks is falling - the volume of trade at this morning's trade reached less than $75m as compared to almost $100m yesterday. Nevertheless, specialists expect a further rise in the dollar exchange rate. As one of the reasons for this they named a holiday to be celebrated in the USA on Monday, October 8.

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