Growth in ruble reserves making no impact on dollar buyers

This morning, the balance of correspondent accounts at Russian commercial banks increased dramatically and amounted to RUR151bn (about $4.90bn). The upsurge in the ruble balances came to RUR21bn (some $681.12m), while the balance of the correspondent accounts at banks in the Moscow region gained RUR22.5bn (nearly $729.78m). This is the fifth consecutive day of growth in Russian balances since May 19. They reached the record of January 4, 2003.

Substantial ruble reserves at Russian commercial banks are lowering credit rates. This afternoon, ruble credit rates with one-day settlements ranged from 1.5 to 2.5 percent. Meanwhile, the commercial banks' favorable ruble liquidity seems to have no impact on dollar buyers. Since the beginning of the year, the dollar buyers appear to focus on other factors, e.g. the EUR/USD exchange rate.