The Bank of Russia dramatically increased infusion of rubles into the banking system, offsetting the outflow of deposits of individuals, which lasted for two consecutive months.
At the end of September, the Central Bank has provided banks with 363 billion in loans at a fixed rate and secured by non-marketable assets.
The total debt of the banking sector to the regulator during the month grew by 13% and reached 3,128 trillion rubles, follows from the statistics of the Central Bank.
Credit infusion due to the “printing press” in full went to cover the outflow of retail customers, who in August-September took 266 billion rubles, ruble deposits and $ 1.7 billion (112 billion at current exchange rates) with foreign currency.
The main victim of the “foreign currency bleeding” was Sberbank, which lost, according to own estimates, $ 1 billion in August and 0.9 billion in September. $ 0.8 billion physical persons taken from the PSB and 0.2 billion from VTB (data from Fitch).
At the same time to support banks joined the Ministry of Finance. For September it has provided 135 billion in deposits for a period from 12 days to six months, increasing the total amount of inflows from the budget to 1,085 trillion rubles.
Statistics of the Central Bank shows that “we are experiencing a mini-crisis in the banking sector,” says Director of the analytical Department of “Loco-invest” Cyril Tremasov. “In the last decade we have had two episodes of large-scale outflow of Bank deposits in 2008 and 2014 Both took place on the background of the devaluation of the ruble and rising concerns over the stability of the banking sector. Now the third such episode, which began in August, after the U.S. Congress introduced a bill providing for sanctions on Russian banks,” – he said.
If the outflow of foreign currency deposits may explain the growing interest of wealthy Russians to Eurobonds, whose yield is higher than deposits, the withdrawal of ruble savings “is a clear indicator of falling confidence in the banking sector, what always happens in times of crisis,” says Tremasov.
Changing the model of consumer behavior: people felt the breath of the crisis, which inevitably will have macroeconomic consequences. The economy is the fall in consumer demand, and banks raising Deposit rates, which will continue as long as the system will not resume the inflow of client money, sums up the expert.