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Central Bank reports public demand for foreign currencies in May

      RBC, 12.07.2006, Moscow 18:02:19.Amid the dollar's significant decline in May 2006, demand for it rose by 6 percent while demand for the European currency grew almost by 25 percent, as stated in the survey prepared by the Bank of Russia. Thus, the euro's share of the foreign currency cash demand increased to 22 percent in May 2006 compared to 19 percent in April, while the dollar's share declined from 80 percent to 78 percent.

      Amid the euro's growth against the ruble the demand for cash euros grew by 50 percent in May 2006 against April, to 560m of the dollar equivalent. Residents increased their cash euro savings by 50 percent while non-residents added some 26 percent to their savings.

      Also, a 20 percent growth in the cumulative public currency supply was seen in May, reaching a maximum level of USD7.6bn, the Central Bank reports.

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