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Central Bank Delivers Big Dose of Repo
The Central Bank of Russia has once again broken a record with 192 billion rubles ($7.4 billion) in direct repo loans auctioned off to banks on Friday with securities as collateral. According to FK Uralsib, a total of 645 billion rubles were given out in repo loans in the course of that week. Stock market analysts already consider the financial crisis in the past, and the Fitch agency has issued a special report on the steadiness of developing markets, even with investor money being withdrawn from them. But the week ahead will be difficult for banks as tax payments – mainly the mineral use tax and profit tax – come due, and the Central Bank has shown that it is prepared for it.
The outflow of Western speculative capital is continuing. The Central Bank changed tactics on the currency market again Thursday and weakened the ruble by 7 kopecks against the currency basket (ˆ0.45+$0.55). Bankers say that the rubles may be weakened further.
Renaissance Capital estimates that no more than $5 billion will be withdrawn from the market now. The outflow is practically unnoticeable already on the stock markets. Thursday, the RTS opened at 1864.74 points, and closed at 1863.66. Those indicators are comparable to market performance around the world: the Japanese Nikkei was down 0.41 percent, Hong Kong's Hang Seng down 0.2 percent, Shanghai's Composite up 1.5 percent, Dow Jones up 0.23 percent and Nasdaq up 0.19 percent. Those results can be called calm compared to the beginning of the week.
www.kommersant.com
All the Article in Russian as of Aug. 25, 2007
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