As of September 24, the structural liquidity deficit in Russia’s banking sector stood at 3.07 trillion rubles. The day before, it was 3.14 trillion, and on September 21, it exceeded 3.18 trillion rubles. Meanwhile, the Bank of Russia’s claims on credit institutions reached 7.76 trillion rubles.
The banks’ reliance on repo operations is particularly pronounced. By September 24, the Central Bank’s claims arising from these operations had reached approximately 6.65 trillion rubles, with 6 trillion of that amount stemming from the primary one-week liquidity provision mechanism.
In effect, the system is forced to constantly tap the regulator for trillions of rubles to maintain the necessary level of liquidity. Yet, the liquidity deficit persists, having remained above the 3-trillion-ruble mark for several days.
The longer this situation continues, the more dependent the banking sector becomes on constant access to Central Bank funds.
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