Sberbank reported a shortage of rubles among banks due to a record…
Sberbank reported a shortage of rubles among banks due to a record outflow to cash. Taras Skvortsov, deputy chairman of the board and financial director of Sberbank, stated on Wednesday that the bank is observing a deficit in ruble liquidity on the Russian interbank market because of the record-breaking cash outflow.
Consensus
- Sberbank reported a record outflow of physical cash from banks in July.
- The outflow has caused a significant deficit in ruble liquidity on Russia's interbank market.
- Interbank interest rates have remained above the Central Bank's key rate for over a year, which is an unusual situation.
- Sberbank's deputy chairman and CFO Taras Skvortsov made these statements during a conference call with analysts.
- The increase in cash in circulation was nearly 600 billion rubles in July, marking both the highest monthly rise this year and historically the largest for July.
- This level of demand for physical currency has not been seen since March 2020 during the peak of the coronavirus pandemic.
Points of divergence
- The main factors behind the cash outflow are tax increases and political rhetoric about freezing deposits, according to Skvortsov. — tg_moscowtimes_ru
- Skvortsov stated that the primary cause is businesses moving into cash circulation. — tvrain
Coverage (3 sources)
- Sber reported on ruble shortage for banks due to record cash outflow — Дождь
- Sber reported on ruble shortage at banks due to record cash outflow — Дождь (Telegram)
- Serious Problem: Sberbank Reports Shortage of Rubles at Banks Due to Record Cash Outflow — The Moscow Times