Page 135 - RusRPTJun24

The total volume of bank investments in government bonds (OFZs) remained almost unchanged. A 300 billion ruble issuance was redeemed, of which approximately 160 billion rubles were on the banks' balance sheets. Additionally, banks recorded a negative revaluation of about 40 billion rubles. Simultaneously, banks purchased new OFZ issuances worth approximately 195 billion rubles.
In April, the Russian Ministry of Finance placed OFZs totaling around 272 billion rubles, up from 247 billion rubles in March. All these were issued with a fixed coupon income. The primary buyers of the new issuances were banks, accounting for about 70% of the total volume, and non-bank financial organisations (NFOs) under trust management, which accounted for approximately 18%.
CBR LOANS: Government funds held in Russian banks decreased significantly by 1.7 trillion rubles (-14.1%) in April. This reduction includes a 1.4 trillion ruble decline in federal funds and a 0.4 trillion ruble decrease in regional funds.
The decline is attributed to the shifting of the tax period from late April to early May, causing a temporary outflow. In early May, companies paid their taxes, and the government subsequently redeposited funds into the banks.
Borrowings from the Bank of Russia also moderately declined by 0.4 trillion rubles (-8.2%), partly due to a significant temporary influx of client funds, which allowed banks to maintain their required capital levels (RCL) at target levels.
135 RUSSIA Country Report June 2024 www.intellinews.com