Banks issued 118.7 thousand ruble-denominated HMLs for the total of 234.7 billion
rubles (102.6 thousand loans worth 198.9 billion
rubles a month earlier).
The largest volume of imports of Russian
rubles the last five years was in January-August 2008 (78.7 billion
rubles).
The
ruble's extended slide has occurred in sync with the decline in the price of oil, Russia's chief export, reducing the Kremlin's spending power and causing problems for President Vladimir Putin.
Following on from other measures to stabilize the
ruble, such as a big increase in its key interest rate to 17 percent, the Central Bank said it will offer dollar and euro loans to banks so they can help major exporters that need foreign currencies to finance operations.
At 1030 ET, the
ruble was up 9 percent at 61.50
rubles per dollar on the Moscow Exchange and was around 10 percent stronger versus the euro at 76.55.
During this period the price has declined 80.15% from the maximum of 0.481
rubles to 0.09355
rubles.
The Russian market reacted nervously to this news on Tuesday, with the
ruble plunging against the dollar on the Moscow Exchange, passing the psychologically significant level of 32
rubles.
Serbian newspaper Blic reported official s as saying that the Public Debt Administration is analysing the possibility of Serbia tapping the Russian market by issuing government bonds denominated in
rubles worth up to $300m.According to Branko Drcelic, director of the Public Debt Administration, this might happen in the course of this year, but only if it were cost effective.
MOSCOW: Russia s biggest carmaker Avtovaz said Monday it suffered a first half net loss of 19.6 billion
rubles (450 million euros, 660 million dollars) as sales nearly halved due to the global slump.
The transfer from dollar to
ruble is due to occur on the night of 31 December 2005/1 January 2006 whereby all prices for the tariffs will be transferred into Russian
rubles.
The final chapter in the demise of the
ruble area started in late July 1993, when the Russian authorities announced the demonetization of pre-1993
rubles in Russia.
Originally we were capitalized at 15 million
rubles and $500,000.
