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Banks' FX resources sufficient to repay external debt, Bank of Russia survey shows

19 апреля 2016 года

Largest Russian banks intend to pay $3.9 billion in 2016 Q2 and $2.9 billion in Q3 as a part of external debt repayment, the Bank of Russia survey of the 25 largest Russian banks showed.

According to the survey, Russian banks own enough FX liquidity both for external debt repayment and for meeting FX obligations to the non-residents. Total liquid FX assets of the 25 largest banks exceed their liabilities due in 2016 Q2-Q3 by $57 billion.

According to the Bank of Russia estimates, actual external debt payments of the non-financial organisations may reach up to $15.8 billion in 2016 Q2 and $15.2 billion in 2016 Q3. These estimates are somewhat lower than macrostatistics on external debt repayment, the main difference being the amount of intragroup payments.

The survey showed that the share of intragroup borrowings in the total external debt payments of large borrowers amounts to 9% in April, 11% in May, 52% in June, 15% in July, 3% in August and 28% in September.

Altogether, expected average monthly external debt payments in Q2-Q3 2016 for both banks and non-financial organisations will loosely match those during the correspondent period of 2015.