What Happened? Over the course of seven years, in Russia:
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Over the course of seven years, in Russia:
By the end of 2014, a crisis situation, which can be described as a “perfect storm”, developed in the Russian economy. The same description of 2015-2016 was used by one of the bankers we spoke to.
The law on national credit ratings was passed in 2015, and it set the transition period until mid-2017, when it was still possible to use international ratings and ratings of “old” agencies. According to Moiseev, at that moment the Bank of Russia still didn’t have the procedures for domestic rating considerations, and in the absence of national rating agencies, the government had no other option but to develop “twisted” requirements in the form of the banks’ participation in the state-run program of additional capitalisation.
The Bank of Russia’s measures against excess liquidity that began in 2017 in combination with other macroeconomic factors (the Russian Finance Ministry’s borrowing on the domestic market in 2020 and growing cash holdings) led to the situation of shortage of liquidity in the banking sector in December 2020 and a record-low net surplus of 2.8 bln USD (by year-end (in 2019, this indicator was 43.2 bln USD, and in 2018 — 47.9 bln USD).
The Complete Report Please feel free to download and consult the full report to our investigation, which includes and evaluates all our reasoning on processes and factors which impacted the Russian banking system. We tried to keep a balance between a specialist analystical project and investigative journalism. We hope that our investigation will be fascinating for all those who are interested in what happens in Russia, its economy and politics. |