Financial analysts, starting in the spring of this year not once got trapped with their unfulfilled predictions. Traditional market indicators suddenly stopped working.
The ruble began to exhibit unprecedented stability, refusing to follow the fluctuations in oil prices and without being subject to obvious seasonal trends.
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The reason for this unprecedented stability became clear after Raiffeisen Bank has published an overview of the banking market.
It turned out that in July, Russian banks have withdrawn from their accounts and dumped on the domestic market 6.1 billion dollars in June, the figure was 5.1 billion dollars in may to $ 3.8 billion. Banks are forced to do so because of the shortage of currency in Russia.
In just three months foreign exchange reserves of the Russian banks decreased by 35%. Such a rapid reduction of foreign currency reserves in Russian banks due to the fact that only in July the company took from their accounts in Russian banks 10.7 billion dollars – three times more than in may and June, 8 times more than in April.
The money does not come into circulation and excreted in various ways abroad, and banks are forced to “eat away” their foreign currency reserves to stay afloat.
According to analysts, the reason for this is the financial policy of the Central Bank, tasked to keep the ruble around current levels until the Duma elections in September.
Apparently, the banks have enough reserves to fulfil this task of national importance, but that this will occur by banks after the election, few people care about.
