Free currency the banks have left.
The Russian banking system continues to lose foreign exchange reserves amid capital outflows and intervention by the Finance Ministry, which buys dollars, euros and British pounds for additional oil and gas revenues of the budget, writes with reference to .
In may the volume of free monetary liquidity in the banking system decreased by almost 5 times, according to the review on Tuesday Raiffeisenbank.
If at the beginning of the month banks were available 8.1 billion dollars by the end of the “currency potbelly” shrank to 1.7 billion Is the amount of liquid assets of banks in foreign currency in excess of the amount necessary to cover obligations to its own customers for current accounts.
The withdrawal of currency from corporate accounts has slowed down: after a record 10.6 billion dollars in April for may from the country has flowed only $ 1.5 billion. This drain was fully covered by return to banks foreign currency loans – by 3.3 billion dollars.
Thus, credit-Deposit operations of the banking system was even inflow of $ 1.8 billion, which, however, almost entirely spent on the repayment of external debt owed to foreign banks ($1.4 billion).
The reason for the accelerated squandering “currency cushion” was a sharp and significant reduction of liquid assets is deposits, correspondent accounts in foreign banks and investments in Eurobonds. For the month, they decreased by $ 4.5 billion.
“Free currency the banks have left,” notes the analyst of Raiffeisenbank Denis Poryvai. – Despite high oil prices, by the end of may in the system there are conditions for the formation of the deficit of currency liquidity”.The reason for the events – purchase of currency by the government and the accelerated outflow from the market of the Russian national debt, he explains.
In may, the foreign exchange inflows on the current account amounted to 8.9 billion dollars, of which nearly two-thirds, or 5.2 billion dollars, seized in the reserves of the Ministry of Finance. Another 1.1 billion dollars (according to the Bank) taken out of the country non-residents, to sell Federal loan bonds.