Where to watch for signs of stress in Russia’s banks

The ruble crisis has sparked fears of contagion to Russia’s financial sector and a meltdown in the economy. A rise in interbank interest rates tends to be best indicator of stress in the banking sector. These have jumped in recent days but, unlike in 2008-09, they haven’t moved out of line with the cost of central bank liquidity. Meanwhile, there are signs of stress in the bond market, but not in the equity market.

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