OREANDA-NEWS. September 07, 2009. In line with our expectations, the ruble weakened during the week ending 3 September. The only exception was the final day of this period. On Thursday, the ruble had appreciated to 37.90 (based on EUR & USD official rates) from the previous day’s rate of 38.05, reported the press-centre of OTKRYTIE FC.

CBR issued a report on Thursday detailing a US6.6bbn increase in the country’s international currency reserves for the week ended 28 August, placing Russia’s reserves at US 404.9bn. The increase was due mainly to CBR purchases of foreign currency. The currency was sold by the banking system, a practice related to the increased demand for ruble liquidity during the period of tax payments. The positive revaluation of the euro component of the reserves was also a likely contributor to growth of the reserves.

On Thursday CBR also issued its monthly Central Bank Survey for July. This is the only report in which one can see the volume of commercial bank’s foreign currency denominated deposits that are placed with CBR. They are under the heading "Other liabilities to credit institutions" and are not included in the monetary base. The item has appeared since November 2008. The movements of these deposits have become one of the main factors affecting Russia’s international reserves. In July, the deposits decreased by US 8.2bn, leaving US 11.1bn.