Bloomberg News

Sberbank Falls to Year Low as Ruble Slides Against Dollar

October 03, 2011

(Updates with closing share price.)

Oct. 3 (Bloomberg) -- OAO Sberbank, Russia’s biggest lender, declined to its lowest in over a year as the country’s currency continued its slide against the dollar.

The stock slipped 3.1 percent to 68.34 rubles by the close in Moscow, the weakest since May 2010. The ruble fell 1.1 percent to 32.595 per dollar.

A weaker ruble encourages Russians to withdraw and convert ruble deposits, Sberbank’s main source of funding.

--Editors: Peter Branton, Claudia Maedler

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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