Sharp fall in rouble exchange rate was due to accumulated postponed demand of the banks during holidays, believes representative of MICEX

/IRBIS, Jan.10, 00/ - ITAR-TASS informs, with the reference to Venyamin Simonov - head of information-analytical department of Moscow interbank currency exchange /MICEX/, that sharp decline in the exchange rate of rouble to USD on today's united trade session was mainly due to accumulated postponed demand of commercial banks for foreign currency during the holidays. Today exchange rate of rouble went down 1.85% to 27.7349 roubles per dollar. He believes that seasonal factors affected the exchange rate of rouble. At the beginning of the year supply of foreign currency is limited and demand of the banks were not completely satisfied. He also mentioned psychological factors, including: possible introduction of mandatory sale of 100% of exporters' earnings, and possible rumors on resignation of Bank of Russia's head Viktor Gerashenko. No comments were given regarding the participation of the Central bank in today's currency trades. As he said, the bank tried "to minimize its participation" in the dynamics of the national currency in the market and there were no reasons to change the bank's tactics. The experts says the situation might stabilize by the end of the week if no negative news comes up. He said it was hard to get another decrease in the exchange rate of rouble for more than 1.5% within a session, but he added: "anything is possible in the market". Simonov believes the end of holidays will stabilize the exchange rate of rouble and exporters earnings sales should increase.