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The fluctuations at the international currency markets that occurred in March 2001 resulted in a decrease in the ‘euro/ruble’ exchange rate. In March the official euro exchange rate dropped from 26.22 rubles/euro to 25.5 rubles/euro, i.e. by 2.75%. The ‘today’ euro exchange rate in the SELT dropped from 26.3078 rubles/euro to 25.399 rubles/euro, i.e. by 3.68%. The ‘tomorrow’ euro exchange rate dropped from 26.31 rubles/euro to 25.5637 rubles/euro, i.e. by 2.82%. According to the preliminary estimations, in March 2001, the total trading volume by ‘today’ and ‘tomorrow’ contracts on euro in the SELT made up 3.209 bln. rubles. That represents an 29.6%increase of relative to the respective index registered in February.

Figure 9

Figure 10

Table 2.

Indicators of Financial Markets.

month

November

December

January

February

March*

inflation rate (monthly)

1.5%

1.6%

2.8%

2.3%

1.8%

annualised inflation rate by the month’s tendency

19.56%

20.98%

39.29%

31.37%

23.87%

the RCB refinancing rate

25%

25%

25%

25%

25%

annualized yield to maturity on OFZ issues

20.85%

20.94%

20.12%

19.52%

20.5%

volume of trading in the secondary GKO-OFZ market a month (billion rubles)

13.00

10.77

11.82

12.29

10.5

yield to maturity on Minfin bonds by the end of the month (% a year):

4th tranche

31.06%

30.16%

26.55%

26.79%

25%

5th tranche

21.17%

21.99%

19.17%

19.70%

19%

6th tranche

19.69%

20.17%

18.62%

17.96%

18%

7th tranche

16.73%

16.67%

15.04%

15.26%

15%

8th tranche

20.42%

20.86%

18.72%

18.57%

18%

INSTAR – MIACR rate (annual %) on interbank loans by the end of the month:

overnight

6.69%

21.70%

14.12%

54.38%

7%

1 week

10.26%

15.17%

13.84%

16.78%

10%

official exchange rate of ruble per US dollar by the end of the month

27.85

28.16

28.37

28.72

28.74

official exchange rate of ruble per Euro by the end of the month

23.88

26.14

26.00

26.22

25.29

average annualized exchange rate of ruble per US dollar growth

0.07%

1.11%

0.75%

1.23%

0.07%

average annualized exchange rate of ruble per euro growth

1.96%

9.46%

-0.54%

0.85%

-3.55%

volume of trading at the stock market in the RTS for the month (millions of USD)

353.9

247.2

339.5

420.5

363.5

the value of the RTS Index by the end of the month

143.42

143.29

173.53

164.76

169.46

growth in the RTS Index (% a month)

-24.12%

-0.09%

21.10%

-5.05%

2.85%

* Estimates

S. Arkhipov, S. Drobyshevsky.

The review of the market for legal entities ruble-denominated deposits in 2000.

As of early 2001, the overall volume of the market for the Russian enterprises’ and organizations’ deposits accounted for over Rb.200 bln. It has been one of the most dynamic segments for the market of banking services since the 1998 crisis. As of early 2001, the total amount of Rb.-denominated deposits of enterprises and organizations made up Rb. 58.7 bln., with another 21.6 bln. in a form of deposit certificates (exclusive of Vnesheconombank). The amount of the enterprises’ and organizations’ deposits attracted by the banks roughly doubled, while the volume of issued deposit certificates tripled.

The structure of the market for Rb.-denominated deposits is characterized by a low level of their concentration, on the one hand, while on the other- by a relatively narrow circle of banks operating in this particular segment. Slightly over half of banks attracted enterprises’ and organizations’ deposits. While excluding the banks run by ARCO, the proportion of the leader-Rosbank- accounted for a. 20% of the total amount of the attracted Rb.-denominated deposits, while the proportion of Sberbank and MMB accounted for another 6%. Hence, the three leaders held 32% of the market, while 10 largest agents in the market held 53%. In addition to the Moscow banks, the latter comprised 3 regional ones (Bashkreditbank, Promstroybank from St.Petersburg, Zoloto-Platina Bank) and 1 bank with 100% foreign capital (Citibank T/O). Basically, the Moscow banks (exclusive of Sbrebank) hold a. 64% of the attracted deposits of enterprises and organizations.

With a smaller volume of the market for deposit certificates, the structure is characterized with a high concentration: over a half of deposit certificates issued as of early 2001 falls on just two banks- DiB bank and Menatep-St. Petersburg, whose business is not quite separated, as they both are affiliated to the same group of companies. They are followed by Sberbank (5% of the market), and it was les than 100 banks that offered this product in the market.

The market for Rb.-denominated deposits is oriented towards short term – the major part of moneys is attracted for the period of up to 3 months (45%), including the Moscow banks ( a.60%) (see Table 1). The deposits for the term over 1 years by their popularity are ranked the second. Interestingly, regional banks attracted deposits for a longer periods than the Moscow ones. Over 40% of the attracted amounts fell on the term over 1 year, while the proprtion of deposits placed for the term under 3 months accounted for 17%.

Table 1

The time structure of enterprises Rb.-denominated deposits, as of late 2000 (as per cent)

Deposits of enterprises-residents

Banks attracting enterprises Rb.-denominated deposits (exclusive of the banks run by ARCO)

All operating banks

All operating banks, exclusive of Sberbank

Banks from Moscow and Moscow Oblast

Regional banks

Call deposits

2.5

2.2

2.9

0.9

Under 90 days

43.8

43.4

57.5

16.1

91 - 180 days

17.1

17.1

15.8

19.7

181 days - 1 year

13.6

13.5

9.1

22.1

over 1 year, of which

23

23.7

14.6

41.3

Over 3

11

11.6

9.6

15.5

For reference:

The average amount of assets (in current prices, as Rb. mln.)

3081

2154

4322

910

The number of banks

593

592

216

376

Note: calculated on the basis of data base of STIiK company

According to CBR, the profitability rate of deposits for the term of over 1 year in 200o was notably higher than for the popular 3-months period (see Fig.1). As long as the contracts concluded within the 1st Quarter 2000 are concerned, a positive profitability rate in real terms was ensured, while the real profitability rate of the contracts concluded closer to the mid-year has proved to be zero (see Fig.4)

The series published by CBR show no sharp fluctuations of the rates across all the deposit terms and by other instruments: that is proved by the evaluation of rates announced by the Moscow banks and published by Finmarket agency (see Fig.2)

Fig.1

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