Tuesday, December 1, 2020
Sign-In
|
Sign-Up
|
Contact Us
|
Bookmark
Home
News
Articles
Forum
Search
Directory
Blog
Accounts
Business
|
Politics
|
Technology
|
Entertainment
|
Sport
|
Other
|
All Published News
|
Tensions in the banking sector prevented the growth of the dollar rate in Russia
On Tuesday, the dollar rate on MICEX went down to 29.1218 rubles, i.e. 0.84 kopecks lower than the Monday figure. According to experts, banks' mutual distrust in view of the persisting tensions in the banking sector drastically restricted the fluctuation of the rate on Tuesday. Activity of currency market operators was extremely low - they concluded only few deals to the sum of $29.12 million, and ruble/dollar quotations froze at 29.12-29.13 rubles per dollar. According to Mikhail Selivanov, a dealer with Promsvyazbank, the market "tumbled" due to the fact that banks closed mutual limits in view of the negative events in the banking sector. "And they have not yet started selling the proceeds," added Mr. Selivanov. If any changes take place today, they will only be in favor of the dollar, the source believes. This is due to the growing offer of rubles freed by the Central Bank's reduction of the standard allocations to the fund of obligatory reservation. "Money from the fund returned and increased liquidity on the market," Mr. Selivanov continued adding that free (ruble) funds would be used for purchasing currency. According to dealers, the Central Bank did not participate in trading sessions on Tuesday because the level of market quotations was far lower than the bank's latest quotation for currency sales to banks - 29.16 rubles per dollar. Mikhail Selivanov forecast the fluctuation range of the dollar/ruble rate to remain within 29.10-29.16 rubles per dollar before the end of the week. He explained that the dynamics of the rate would depend on the amount of ruble cash on offer and sales of currency proceeds. The one that begins first will become a priority factor. Nonetheless, he added, the crisis of trust in the banking sector will be affecting the currency market for a long time to come. It will take 3-5 months to restore what was lost within a week," believes Mr. Selivanov.
Related News
The following rates of exchange of foreign currencies to the ruble of the Russian Federation
Russian efforts to double the gross domestic product
Individual deposits in Russian banks would be secured by the state
Militants in Chechnya are fighting for criminal money
Russian Economic growth amounted to 7.3%
YUKOS no more
Russo-German business conference
Mikhail Fradkov said that he would create and lead a working group to elaborate the mid-term program of the government's activity to ensure an annual 7-8% economic growth
The average weighted dollar exchange rate on tomorrow deals amounted to 29.10 RUR/USD at the beginning of today's session
Shareholders of Guta Bank have accepted a proposal of the Central Bank regarding the buying of Guta Bank by Vneshtorgbank
Guta Bank has announced it would start serving customers beginning July 12, 2004
Vladimir Putin has confirmed Russian business interest in investing in Bulgaria
Alfa-bank will perform every order of its clients in full, without any restrictions or delays
Alexander Livschits:"There is no banking crisis in Russia and there is no reason for it to happen"
Shares of Yukos were up 11% on MICEX after former Yukos CEO Mikhail Khodorkovsky "offered to surrender all his shares in Yukos" to the state
The consortium of creditor banks have given default notified to YUKOS
Gazprom gas holding hopes to become the shareholder of the gas transportation system of Kazakhstan
The pension rise due on August 1 will be affordable
The situation on the Russian stock market has stabilized
The trading session of the Moscow Inter-Bank Currency Exchange has opened with a sharp 10% decline of the prices of Yukos shares
Jun
July 2004
Aug
Mo
Tu
We
Th
Fr
Sa
Su
28
29
30
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
1
2
3
4
5
6
7
8