VTB: No systemic risk from OFZ pause
The pause in the Ministry of Finance's placement of OFZ bonds has created liquidity pressure on banks, but no systemic risks or payment issues have emerged, according to VTB's First Deputy Chairman Dmitry Pyanov. The situation on the money market is normalizing, though liquidity has not yet returned to the banking sector through wages and contract payments.
Consensus
- The Ministry of Finance paused OFZ bond placements in July to stabilize the market.
- The situation on the money market is normalizing.
- The spread between RUONIA and the key rate has become negative.
- All liquidity norms are in the 'green zone'.
- There are no problems with fulfilling client payment obligations.
- VTB does not expect pressure on liquidity from the digital ruble rollout.
- Large banks and trading companies must provide access to digital ruble operations starting September 1, 2026.
- The digital ruble rollout will initially be limited in volume.
Points of divergence
- The liquidity collected from the OFZ auction has not yet returned to the banking sector via salaries and contract payments. — kommersant
- There is price competition among banks, especially on the retail market, and a trend of individuals moving to cash. — interfax
Coverage (2 sources)
- Pyanov assessed risks of pause by Ministry of Finance on OФЗ for bank liquidity — Коммерсантъ
- VTB sees no grounds for alarm due to impact of pause on OФЗ on bank liquidity levels — Интерфакс