OREANDA-NEWS. August 17, 2009. Money market was calm last week. Interbank overnight rate was at 5.5-6%, swaps at around 6.5-7.5%. NDF rates remained stable. The debt of the market to the CBR on different refinancing instruments decreased last week. Rates on these auctions continued to fall. Banking liquidity almost did not change and remained comfortable last week. The tax payment period is coming.

- Russian debt market felt mixed last week. Growing commodities prices helped prices of ruble-denominated assets grow. However the number of offers was increasing and starting from mid-week prices trended down a bit. Overall trade activity was low.

- Rumors on possible further devaluation of the Ruble intensified. Alexey Kudrin said last week that he did not see any fundamental reasons for devaluation of the Ruble.

- According to Rosstat, inflation in Russia in August 4-10 grew by 0.1% and since the beginning of the year inflation boosted by 8.2%.

- According to Rosstat, Russia’s GDP in Q2 2009 fell by 10.9% compared to the corresponding quarter of 2008 and fell by 1.1% compared to Q1 2009. The decline intensified.

- According to CBR, Russia’s trade balance boosted by 2% MoM and stood at US9.02bio in June. Export increased by 7.8% MoM and amounted to US 24.5bio (versus US 22.7bio in May) while import increased by 11.6% and stood at US 15.5bio (versus US 13.9bio in May).