Training on modelling fundamentals December 17–18

Debt relationships structure may restrain development and growth in Russia

Debt market map

  • ACRA continues its series of research on the debt market map for Russia and Kazakhstan. New statistical data allows us to analyze currency profile and periods of debt relationships.
  • Currency risk for Russian financial system is mitigated in general. The only domestic foreign currency net borrower is the non-financial sector, but the negative currency position and the flow of payments under currency debt are secured by the sector's export earnings. The currency debt position of the financial sector is almost balanced. On average, the share of foreign currency in the Russian debt is 40%, of which internal loans account for more than a half.
  • One of the roles foreign currency plays in Russia is hedging non-currency risks as, historically, weaker ruble coincided in time with other shocks. Investments in currency assets in order to hedge all possible risks impair the derivatives market in Russia.
  • With time, interest rate risk can become more relevant than currency risk. Targeting…

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