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Central Bank stops supporting dollar
Russia Journal ^ | October 22, 2004

Posted on 10/24/2004 2:12:47 PM PDT by jb6

MOSCOW - The weighted average dollar exchange rate was 29 RUR/USD in the first 90 minutes of trade at a special session today. Thus, the official dollar rate for October 23-25 will decrease by RUR0.12. This is the most considerable one-day drop of the dollar against the ruble since late April. The low on the deals was even 28.95 RUR/USD at the UTS.

According to commercial bank dealers, the Central Bank has not supported the dollar despite a large selling of dollars by market participants.

Banks sold over $436m at a special session at 11:30 a.m. Moscow time. Yesterday, the trade volume was just $19m at the UTS at the same time. The average lot of dollars to be sold was $1.7m in the first 90 minutes of trading.

A Bank of Moscow expert told RBC TV that the trade volume on MICEX including a special session for today deals almost reached $1bn in the first 30 minutes of trading. The expert said that the Central Bank's activities could be attributed to the dollar's decrease on international exchanges and growth in the gold and currency reserves in Russia. However, the Central Bank's leaving the market at the end of the week was quite unexpected. The specialist thinks that the Central Bank is currently concerned about its obligations on preventing inflation.


TOPICS: Business/Economy; Foreign Affairs; Government; Russia
KEYWORDS: dollar; economics; economy; russia

1 posted on 10/24/2004 2:12:47 PM PDT by jb6
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To: jb6

soros.


2 posted on 10/24/2004 2:15:19 PM PDT by flashbunny
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To: flashbunny

When any central banker around the world gets word that SOROS is in his market, he just shuts down and let SOROS lose his money.


3 posted on 10/24/2004 2:18:43 PM PDT by JustDoItAlways
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To: flashbunny
you beat me to it

Soros has made a lot of world class enemies (UK, Singapore, etc) that the list might look like a New York Yellow Pages phonebook.

The world would be a more peaceful place without him, but then again I know that God can change anyone's heart.

4 posted on 10/24/2004 2:19:52 PM PDT by prophetic (What do u call someone who flip-flops so much? A Politician? No, a HYPOCRITE!!)
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To: jb6

Cool. I will be making some good profits with my precious metal investments now.


5 posted on 10/24/2004 2:22:45 PM PDT by Chewbacca (You can go ahead and be a Pawn in the game of life. I'll be a Rook!)
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