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Russia has close shave with another banking crisis.

Global Banking News-December 10, 2013--Russia has close shave with another banking crisis

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Global Banking News - 10 December 2013

The banking sector in Russia had a close shave with a potential crisis in November, just after the closure of Master Bank.

The forced closure of Master Bank caused distress in the sector, leading major banks to slash their limits to small banks on the Interbank market. This sent rates soaring and cut off the flow of funds to about 800 financial institutions. The subsequent announcement of 26 systemically important banks by the central bank saved the sector from the brink of crisis.

Master Bank was ordered to be closed by the central bank, which alleged that it was involved in money laundering activities.

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Publication:Global Banking News (GBN)
Geographic Code:4EXRU
Date:Dec 10, 2013
Words:151
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