4 trillion will flow from banks to the digital ruble – Sberbank
Sberbank expects significant consequences for banks due to the issue of the digital ruble
The bank predicts a drop in liquidity and an increase in loan rates
The regulator refuses to share the authority to issue digital currency with banks
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Sberbank predicts cash outflow from financial institutions within three years after the launch of the digital ruble
The emergence of the digital ruble could lead to a decrease in liquidity and an increase in lending rates. This is reported by RBC, referring to the Deputy Chairman of the Board of Sberbank Anatoly Popov.
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According to Popov, the bank predicted a negative outcome for financial institutions due to the appearance of a digital version of the national currency. So, within three years after the launch of the digital ruble, banks may miss from ₽2 to ₽4 trillion.
Sberbank also believes that the issue of digital currency will lead to a shortage of liquidity of bank funds and an increase in loan rates..
The instinct of self-preservation
Popov noted that the digital ruble issuance model, in which the digital version replaces cash and non-cash money through emission, will lead to a “significant” loss of liquidity of bank assets, which will affect lending.
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“There is no large liquidity surplus on the market now, liquidity is balanced … The same funds [up to ₽4 trillion] will no longer be available for lending, which will ultimately lead to a liquidity shortage and, as a result, to an increase in rates,” Popov said.
Domestic banks have long been sounding the alarm about the potential consequences of the introduction of the digital ruble. At the end of October, for example, the chairman of the board of VTB Andrey Kostin expressed the opinion that the Central Bank of the Russian Federation should not take away the business of commercial banks with the help of the digital ruble..
Read also: Sberbank has calculated how much it costs to create a digital ruble
At the same time, the regulator intends to issue digital currency without the participation of third-party banks. In early December, Deputy Chairman of the Central Bank Alexei Zabotkin said that the regulator would not share the obligations to issue the digital ruble with other financial institutions..
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