Table of contents:
- 2. Nabiullina: everything is normal, but the "hole" pulls by 5 trillion rubles
- 3. Saxo Bank: Russia faces stagnation, collapse of oil and ruble
- 4. Risk aversion: US strikes at emerging markets
Video: How Siluanov and the "five-bankers" drive the regions into debt trap
2024 Author: Seth Attwood | [email protected]. Last modified: 2023-12-16 15:55
1. Siluanov and the "five-bankers" are driving the regions into a "debt hole"!
It became known about another provocation by the Russian Ministry of Finance. Siluanov's team agreed with state banks on the allocation of loans for Russian regions - this is a "replacement" of budget loans that the federal budget allocated to the regions to fulfill current state obligations. According to Siluanov, banks agreed to lend to regions at a rate 1 percentage point higher than the key one. At the current moment it is 9, 5% per annum. Previously, budget loans were provided at a symbolic rate of 0.1%.
2. Nabiullina: everything is normal, but the "hole" pulls by 5 trillion rubles
The situation in the Russian banking sector is "normal" and "is in a positive trend," said the head of the Russian Central Bank Elvira Nabiullina. Despite the fact that in a month two banks from the top 15 went to the bottom, were temporarily actually nationalized and financed by the Central Bank's printing press in the amount of more than one trillion rubles, these were "pinpoint problems", the head of the Bank of Russia emphasized.
3. Saxo Bank: Russia faces stagnation, collapse of oil and ruble
Russia is on the verge of a new round of economic weakness and the fall of the ruble: already in the second half of the year, GDP growth rates slowed down to 1% in annual terms, and next year they will fall to zero. This forecast was made by Saxo Bank.
4. Risk aversion: US strikes at emerging markets
Let's move from Russian problems across the ocean. The largest US exchange-traded fund, which has been buying up rubles for investments in the Russian national debt for more than two years, is recording a record outflow of client funds in 3 years. JP Morgan Emerging Markets, which invests in emerging market bonds, has been losing investors over the past 7 out of 8 weeks.
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