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. Last Updated: 07/27/2016

Ruble Drops as Banks Swap Debt




The ruble slid 1.7 percent Friday to an official rate of 15.88 rubles to the dollar, while commercial banks spent the day participating in a Central Bank-sponsored debt reshuffle program.


Trading on same-day deals was closed down Friday while the Central Bank for the second time recalculated the banking sector's debts.


Last week, the bank conducted a similar scheme for five regions, but reported marginal success: Many Moscow-based banks failed to reveal all their debt obligations.


As a result, delinquent banks were shut out from trading this week, which helped prop theexchange up to 15.8 rubles to the dollar. Friday's repeat debt reshuffle included 38 regions, and participation was mandatory.


Meanwhile, the Central Bank announced Friday that some money has been printed in recent days. The bank said that as of Sept. 21 there were 170.3 billion rubles in the country, up from 167.3 billion rubles a week earlier.