The use of the ruble in EU trade settlements reaches a record $15.2bn in March
2 days ago
Failing banks in the last month have led to a spike in repurchase agreements (repo) as banks tap the Central Bank of Russia (CBR) for cash.
Borrowing by Russian banks, making use of 10% fixed borrowing rate, has soared to levels last seen at the end of 2016. The total outstanding has shot up in the last month to RUB516bn ($8.6bn) on August 7, according to official figures, the highest since January.
According to S&P Global Ratings, the increase in repo deals is probably linked to the July revocation of the license of Jugra Bank, the 15th-largest commercial bank in terms of savings that had its license withdrawn by the CBR in April. Another big bank appeared in trouble at the weekend, with clients of Otkritie Bank experiencing disruptions with ATMs and credit card payments on August 5, which the bank attributed to an accident on power supply links to headquarters, although bne IntelliNews sources said the bank was wobbling and major commercial banks were cutting their exposure.
That may have triggered outflows from client accounts as depositors and counterparties review the risks at major lenders, S&P said.
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