Posted on 02/27/2022 2:43:25 PM PST by marcusmaximus
Russia’s central bank has urged calm amid concerns that Western economic sanctions could trigger a run on its banks this week.
The Bank of Russia insisted it had the “necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector”.
On Saturday, the EU, US, UK and Canada announced that the central bank’s assets will be frozen in response to Russia’s invasion of Ukraine.
This would restrict its ability to use its $630bn international dollar reserves to support Russia’s commercial banks, affecting the ability of businesses and individuals to obtain foreign currency.
At the same time, the US and Europe announced that some Russian banks will be excluded from Swift – the international messaging system which underpins much of the world’s financial system.
The two measures could potentially spark a run on Russian banks this week, if people believe their ability to get cash could be affected and collectively rush to withdraw deposits.
On Sunday, the Bank of Russia said: “The Russian banking system is stable, has sufficient capital and liquidity to function smoothly in any situation. All customer funds on the accounts are saved and available at any time.”
(Excerpt) Read more at inews.co.uk ...
Run Bank Run
Considering that media reports of people stocking up on toilet paper sparked a run on toilet paper, in the early days of COVID 19, I don’t want to see bank runs anywhere making the news right now.
Did Putin think things out or is his mind gone gone gone
Convert those rubles into dollars!
Where do you live in Russia?
HA HA HA
A “potential run” isn’t a run until it is. I would think Russia considered this.
Perfect time to flood social media - Russian banks are out of money!
Do not panic all is well.
5.56mm
The subprime market is contained.
Prior to the invasion, IIRC, the ruble was going for 70 to the dollar. That seems like an eternity ago:
Probably break 200 tomorrow.
0bama did that, just like slow Joe is doing this current situation.
A planned charlie foxtrot.
5.56mm
Putin having his general custer moment as he insists all is calm and going according to plan.
“Where did all those f
....Indians come from?”
Hope all the Puffers got their “I 💘 PUTIN” bumper stickers on time...lol
And Russian rubles are worth just that - toilet paper.
ruble now worth less than a penny
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.