OPEC_s decision to increase oil output along with large purchases of rubles by Russia_s banks has led to a rapid increase in the demand for dollars and a consequent rise in the dollar /ruble rate.
Published:
1 April 2000 y., Saturday
However, confident that the rise will stablize very soon, the Russian central Bank does not intend to intervene.
On Wednesday afternoon the dollar rate started growing when the banks began to buy dollars on the inter-bank market. The rise was insignificant in so far as the quotes on the key market index remained unchanged at the close of session. (The average ruble rate at the close of the unified session of eight exchanges usually serves as the basis for the central bank's official next day ruble/dollar rate). However, on Thursday the unified trade session closed with an increased dollar rate, and Central Bank did not prevented the growth.
Central Bank_s officials predicted the market peak and therefore Viktor Gerachshenko (Chairman of the Central Bank) decided to declare in advance that for some time the exchange rate might be unstable. He thus informed the market players that the Bank of Russia is in control of the market situation, and consequently advised them not to get carried away by the trade.
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