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Banks selling dollars actively

      RBC, 06.01.2004, Moscow 15:32:44. The trade volume of deals with tomorrow settlements exceeded $700m at the UTS at 15:00 Moscow time, while at 13:00 about $340m were sold at a special session. One of the main reasons for this accelerated selling of US currency is a further retreat of the dollar rate against the euro on international exchanges. At the same time, this situation on the currency market has not led to the ruble's strengthening due to the Russian Central Bank's activities. Commercial bank dealers say that the Central Bank continues buying US currency at 29.245 RUR/USD. The Central Bank's ruble intervention is estimated at $700m some less than two hours before the UTS closing.

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