Emergency liquidity fund set up for stressed Russian banks
Move follows Bank of Russia taking effective control of systemically important lender
Russia’s central bank has created a new source of emergency liquidity for banks unable to access market funding, it announced today (September 4).
The move appears to be aimed at shoring up confidence in the Russian banking sector after the central bank recently placed the country’s eighth-largest bank, Otkritie Bank, into administration.
The new “supplementary mechanism for liquidity provision” was put in place on September 1, the Bank of Russia says in a press release: “Banks that have
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