The Central Bank will offer banks to get rid of extra money – RBC

Photo: Yekaterina Kuzmina / RBC

The Bank Russia plans to place bonds in order to test the market, said the head of the regulator Elvira Nabiullina in the coming months. This tool will help the Central Bank to maintain control over monetary policy

«T Which tool for a long time we have not produced, so in the next two or three months, the Central Bank may conduct a test placement of a few tens of billions of rubles to to see how the tool will be in demand, ready to understand market preferences, “- said the chairman of the Central Bank Elvira Nabiullina on Friday, June 10, at a press conference following the meeting board of directors. With this tool, the Central Bank will be able to sterilize the excess liquidity in the banking system.

The regulator is ready to release the first bonds even while maintaining liquidity shortage, stressed Nabiullina.

Now the Russian banking system proceeds from the structural deficit to surplus liquidity. During structural deficit of liquidity banks are in need to obtain refinancing from the regulator. In this case, the Central Bank may act as a donor to the banking system by providing resources, in particular, for lending to the economy or, on the contrary, reducing the volume of refinancing, for example, to limit the inflow of rubles on the currency market. And with the trukturny surplus liquidity means that the money banks have become so numerous that they are not interested in attracting the Central Bank funds, but on the contrary, themselves serve its creditors by placing excess liquidity and deposits correspondent accounts with .

The danger of structural surplus in that part of the Central Bank loses control of the liquidity management process, as it can not affect the banking sector by means of interest rate. Practically, this means that the controller loses control of monetary policy, and the initiative passes to the side of the banks. “There are some very bold conclusions bankers and experts, it is possible to ignore the key rate of the Central Bank and that finally they will determine its own interest rate policy in the conditions of surplus liquidity. Of course on their own, but the key rate will still continue to determine the rate structure in the economy “, – he said Nabiullina

Video: RBC

The Russian banking sector has lived in a liquidity surplus, the situation is not new for us, the head of the Central bank said. “With the help of their instruments, the Bank of Russia can limit the amount of surplus, now we sell government securities from our portfolio, we are also considering the possibility of increasing the reserve requirements on ruble deposits and options for the abolition of benefits for the reservation of certain types of liabilities”, – she said <. / p>

However, this does not mean that the Central Bank against the revival of the consumer market, Nabiullina stressed. But it should not grow faster pace, so as not to contribute to the acceleration of inflation, she said. “There is a risk that it will begin to recover quickly unsecured consumer lending. Small signals we see in the last months of the dynamics, but it is not even a tendency, namely small signals. Perhaps it makes sense to return to the high-risk factors for unsecured consumer loans, “- he said Nabiullina said, adding that the increased rate will be introduced already from 1 August.