Rus News Journal

Taming of speculators

Russia had by Bank losses of currency reserves have appeared not vain - yesterday the dollar exchange rate fell already below a mark 30 rbl./ $. However the spirit on purchase of dollars remains. And in case of normalisation of a situation with rouble liquidity in banks on the eve of New year it is possible to expect new jump of a dollar exchange rate.

the past week has ended with a convincing victory of the Central Bank over currency speculators. Having sold in the beginning of week about $0,8 mlrd, the Central Bank has definitively deprived banks of freedom maneuver. Rates under short-term credits kept yesterday at very high levels - 50 - 70 % annual. And in the conditions of the sharpest deficiency of roubles banks have been compelled to dump dollars.
as a result the dollar average rate at uniform trading session has made 30,08 rbl./ $, and by end ETS of the quotation fell below 30 rbl./ $. Differently, less than for a day the dollar has fallen in price for 20 copecks. According to the chief of department of conversion operations Metallinvestbanka Sergey Romanchuka, the Central Bank yesterday has selected non-interference tactics. Also has started to buy dollars when the course has fallen already to a mark 29,97 rbl./ $. At the day auctions a course walked in very wide range. Transactions with calculations today from 29,97 to 30,20 rbl./ $, with calculations tomorrow - from 30,10 to 30,25 rbl./ $.
In the conditions of high interest rates placing of new bonds of the Central Bank and federal loan bond for linkage of superfluous liquidity lost any meaning. And wishing to buy bonds with the profitableness offered the Central Bank was not. Auction on federal loan bond sale has been recognised by not taken place. Banks nevertheless expect to recoup for the had losses next week. According to the economist of Alpha bank of Natalia Orlovoj, next week the market hot days expect. Certainly, the situation in the currency market will be defined first of all by the offer of roubles. However previous years testify in favour of that with it all will be as it should be. The rests on corresponding accounts of banks last week month sharply increase. And, as consequence, there is a dollar exchange rate growth.

DMITRY - LADYGIN