The influence of the Ministry of Finance intervention on the liquidity of the banking sector will be neutral - the head of the Central Bank
The influence of the Ministry of Finance intervention in the banking sector liquidity is assessed as neutral. This was stated by the head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking at a meeting of the Central Bank and banks.
"In the banking sector liquidity management, we will certainly take into account the Ministry of Finance and Operations for buying and selling currencies. We estimate that the impact of these operations on liquidity will be neutral, "- said Nabiullina.
According to her, the Ministry of Finance carries out the purchase of currency in the framework of the application of the transitional fiscal rules and these operations should not be considered as foreign exchange intervention to influence the nominal exchange rate.
Nabiullina said that the banking sector has entered a state of structural surplus liquidity is primarily due to the fact that the Finance Ministry is financing the budget deficit from the Reserve Fund. The head of the Bank of Russia noted that the transition to the liquidity surplus is not yet stable and the market situation can arise with a lack of liquidity. This, according to Nabiullina, will depend on the rate of budget spending and the banks strategy to replenish reserves.
The head of the Central Bank of bankers promised to respond flexibly to the situation with liquidity.
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