12 January 2004 15:22
Central Bank starts bolstering dollar
The Russian Central Bank is now purchasing dollars in order to bolster the dollar exchange rate on the domestic market. It made its first bid for the dollar at noon, several currency dealers told RBC. According to them, the Central Bank is now buying dollars at RUR28.8650, which is about the same as the official dollar rate set for tomorrow. The bank has already bought nearly $100m, experts say. They also believe that it is an excessive rate of the dollar decline that forced the Central Bank to take action against the strengthening ruble today. As reported earlier, since the beginning of 2004 the dollar has lost RUR0.58, and over RUR3 since early 2003, which is more than 10 percent down.
[RBC] |
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