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News // Markets & Stocks

MICEX and RTS trading halted

17 September 2008 , 12:30Ksenia Kochneva788
By 12.10 p.m., the time the regulator instructed to halt trading, RTS fell by 6.39 %, and MMVB by 3.09 %.

Later, at 1 p.m., RTS FORTS resumed futures trading of goods, currencies and interest rates contracts, the exchange press-service reports.

Critical shortages of liquidity, causing problems with REPO, among other things, were the cause of the massive shedding of assets, which also affected the Russian bond market, causing active selling there as well. The interbank credit market was experienced severe need for money, driving the interest rate up to 15-17 percent.

Experts say the market will rebound when liquidity is improved in Russia.

Russian polititians doesn't think that it's a great problem. For example, Vladimir Putin told that the Finance Ministry and Central Bank are discussing further joint actions with bankers and “the use of long-term Central Bank instrument of influence”.

Putin also expressed confidence that Russia will pass through the complex times for the world economy calmly and overcome its financial instability.

Russia’s Vice Premier, Finance Minister Alexei Kudrin has the same opinion. He said that the Russians shouldn’t be particularly agitated about financial market, in his view, the situation with inflation will become normal in the nearest half-year and the ruble won’t fluctuate materially.

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