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Russian Banks Cut Credits on Bank Failure Concerns

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posted on Jun, 9 2004 @ 09:29 AM
It has been suggested that one possibility as to why the Fed has been pumping up the M3 supply has to do with problems in the Russian banking system.

Source: Bloomberg - June 9

Russian banks have closed some credit lines to each other and interbank lending rates have jumped this week on concerns that some banks may fail after two banks missed bond payments, Moscow-based investment banks said.

Interest rates at which banks offer money to other banks for one day jumped to 11.6 percent, the central bank said on its Web site, the highest since June 1. That came after OOO Sodbusinessbank and CreditTrust missed bond payments, possibly marking the country's first bond defaults since the 1998 crisis.

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