Banks are faced with shortage of rubles

Dollars on the Russian market a little more than ever this year - as a result of inter-bank interest rates on overnight loans exceeded the record 4.6% per annum. The fact that this happened because of tax payments and increasing interest rates by the Central Bank, the newspaper Vedomosti on Wednesday, May 4. Tuesday, May is, the rate on overnight interbank loans (overnight) reached 4.64% per annum - a record level since early 2011. The previous record was in November 2010 - 4.78%. Large tax payments in late April reduced the amount of liquidity, but that does not fully explain the situation, says chief economist at Alfa Bank, Natalia Orlova. For tax payments superimposed factor in increasing rates of the Central Bank and the situation of capital flight, adds chief economist at Deutsche Bank in Russia Yaroslav Lissovolik. Chief Economist at VTB Capital Alexei Moiseev drew attention to another indicator - the decline in banks' deposits with the Central Bank. If at the beginning of the year it exceeded 1 trillion rubles., By May 3 totaled 264.2 billion rubles. When excess liquidity - the banks prefer to carry cash with the Central Bank when it is not enough - people naturally begin to take each other more than can take the Central Bank, the director of Treasury Bank, IFC Stanislav Chernyakov. The central bank raised from 3 May 2011 the refinancing rate by 25 basis points to 8.25% per annum on deposits overnight - up to 3,25%. Soon the market will do a lot of rubles, expects Chernyakov. According to his observation, now the Central Bank daily buys about $ 300 million on the market, the planned interventions supporting the border corridor. Then the market by the end of the week can pritech about 40 billion rubles. provided that the rate of the currency basket would stay in the area 32,90-33,55 rub. said Chernyakov. On Tuesday the dollar exchange rate on MICEX "tomorrow" has grown at 1 kop. up to 27.36 rubles. The euro rate dipped to 12 kopecks. from 41.63 to 41.5199 rubles. As a result, basket fell by 5 cop. up to 33.33 rubles. Yesterday the RTS index to closing lost 2,48%, having fallen below 2000 points to a mark of 1,976 points. MICEX Index dipped 2.89% to 1,691 points, breaking the support level of 1700 points. Most blue chip stocks on the MICEX was closed deep in negative territory: Gazprom and Sberbank lost 4.3 and 2.3% respectively, VTB and Rosneft - 3 and 2.9%. Stocks Rostelecom and Norilsk Nickel fell by 5,3, and 6% respectively. In the market there are no buyers, the Russian market selling second week, summer passivity has come at him, even by high commodity prices can not revive him, notes Paul Dorodnikov from Rye, Man & Gor Securities.