The lack of liquidity of the Russian banking system widened to 6.9 trillion. rubles ($ 68.25 billion) on Wednesday, according to the central bank, from 5.4 trillion. rubles the day before, as people rush to withdraw money, as reported by Reuters.
Russia faces tough economic sanctions from the United States, the European Union and its allies after the invasion of Ukraine, which has hit the ruble and pushed people to withdraw their money from banks.
The central bank provided banks with $ 70 billion in ruble liquidity through two repo deals on Tuesday and plans to boost the financial system by another $ 6 trillion. rubles through repo transactions and deposits on Thursday.
Russian banks owe the central bank a total of 9.6 trillion. rubles from Wednesday, as he announced, from 8.2 trillion. rubles the day before.
Russia calls its actions in Ukraine a “special operation” that it says is not aimed at seizing territory, but at destroying the country’s military capabilities and apprehending dangerous nationalists.
This week, Russia’s central bank more than doubled its key lending rate to 20% from 9.5%, trying to support the ruble and attract some funds back into bank deposits.
Source: Capital
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