According to Russia’s Central Bank information, a new tendency emerged on the Russian market - the ruble started replacing the dollar as the means of payment. This conclusion is based on the analysis of the country’s credit market.
According to the Izvestia newspaper, the total amount of credits granted by Russia’s banking sector (both in rubles and foreign currency) over the first five months of 2001 reached RUR 1.152 trillion (about $39.23bn), having increased by 20.4 percent since the beginning of the year. A growth in ruble credits amounted to 23.7 percent, and in foreign currency credits – to 15.1 percent. As a result, the percentage of credits in hard currency decreased. At the beginning of the year, 38.5 percent of the credits were given in foreign currency, and at the beginning of June this figure decreased to 36.8 percent. This is the lowest level since 1997. That is, the dollar is weakening on the Russian credit market.
At the same time, a total volume of deposits attracted by credit organizations by the beginning of June amounted to RUR 811.1bn (about $27.54bn), which is 16.6 percent more than at the beginning of the year. However, hard currency deposits grow faster than ruble deposits. Their volume increased by 19.1 percent (deposits of individuals – by 22.3 percent) over the first five months of the year, while the volume of ruble deposits went up by 14.2 percent (deposits of individuals – by 15 percent). As a result, the percentage of ruble deposits decreased from 51.5 percent at the beginning of the year to 50.5 percent at the beginning of June.
So, more credits are given in rubles now, and more deposits are made in dollars, on the contrary. In response, banks are trying to maintain the same level of interest rates for deposits. However, the Central Bank has indicated that EURO accounts could be opened from now on, and dollar deposits could be converted into EUROs easily. Is this not a sign that the country’s financial authorities not only began forcing the dollar from the market but are preparing to go over to the EURO?
According to Russia’s Central Bank information, a new tendency emerged on the Russian market - the ruble started replacing the dollar as the means of payment. This conclusion is based on the analysis of the country’s credit market.
