Liquidity Tension At Kazakh, Russian, And Ukrainian Banks Looks Manageable, But Highlights Inherent Structural Vulnerabilities Apr 08

Standard & Poors, April 2008

Abstract
The global liquidity squeeze that began in mid-2007 has shaken the banking sectors in Kazakhstan, Russia, and Ukraine (KR&U). The impact on Russian and Ukrainian banks has not been that pronounced so far, while Kazakh banks have felt the crunch more because of their over-reliance on foreign debt issues. (Listen to the related podcast titled, "How Tight Liquidity Is Squeezing Kazakhstan Banks," dated May 12, 2008.) Still, all three banking systems have confronted volatile liquidity swings in money markets in the past few months. Most recently, Ukraine saw liquidity tighten in mid-February and March 2008 and Russia in March 2008. Many KR&U banks have had difficulty funding their activities while confronting constrained growth because of: Sharp falls in liquidity in...

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