INTERVIEW: No bk liquidity issues, CBR to tighten unsecured lending
Russian banks do not have acute liquidity problems, the Central Bank of Russia`s (CBR) First Deputy Chairman Alexei Ulyukayev said in an interview with Prime-Tass.
He also said that the CBR would soon tighten its unsecured lending to banks.
"I think that banks will easily pay taxes [for their clients] in February and [corporate] debts in March, which are mostly due in foreign currencies," Ulyukayev said.
Bank liquidity, both in rubles and foreign currencies, as measured by the M2 aggregate is "quite normal", he said, adding that it rose 13% on the year as of early February.
He also noted that in real terms bank have not seen their liquidity position getting worse, taking inflation into account. But banks have strong devaluation expectations and are reluctant to sell foreign currencies to the CBR, he also said.
Speaking on bank refinancing, Ulyukayev said that the CBR would tighten unsecured lending, while easing availability of secured instruments.
The CBR may reduce unsecured lending, Ulyukayev said. Currently the central bank is close to a balance between new unsecured loans and their redemptions, but may soon reduce amounts of new loans, he said.
The shareholder equity of Russia`s largest bank, Sberbank, need not be increased in the near future, Ulyukayev said. "Sberbank is in a rather comfortable situation. It meets all requirements, primarily the capital adequacy requirement," Ulyukayev said, adding that Sberbank has substantial reserves for bad loans. Under some economic development scenarios, it is quite possible that Sberbank will need additional funds in the future, as it will have to increase reserves, he also said.
The CBR is the largest shareholder of Sberbank.
Speaking about the CBR`s foreign exchange and gold reserves, which fell 10.8% in 2008 and 9.4% in January, Ulyukayev said that the reserves were not expected to fall further.
"The situation with the reserves will be better this year than was expected some time ago," he said.
Among the factors impacting the reserves, Ulyukayev named a projected trade surplus in 2009. The trade surplus was at U.S. $9 billion in January, under a preliminary estimation, thanks to a sharp decline in imports and a less rapid fall in exports, he said. The current account surplus was at $5 billion in January. Russia is expected to have a current account surplus and a capital account deficit in 2009, Ulyukayev said.
Also, the government is expected to sell foreign currency to the CBR from the Reserve Fund in order to cover a budget deficit of 3.2 billion rubles expected this year, Ulyukayev said.
"To cover the budget deficit, the CBR will issue 3.2 trillion rubles and buy about $90 billion for its reserves," Ulyukayev said.
Additionally, the National Wealth Fund is expected to provide over $10 billion to the CBR for purchases of ruble funds, which are expected to be disbursed in subordinated loans to banks, Ulyukayev said.
The CBR expects the ruble rate to float between 39 rubles and 41 rubles against the dual-currency basket in the near term, Ulyukayev said, adding that he expects ruble to strengthen in July-December.
|
