Sberbank increased its investments in government securities to 8.19 trillion rubles
The Russian government is increasingly relying on the largest state-owned banks to finance the budget deficit, which this year may exceed 7 trillion rubles for the first time. According to Sber’s deputy chairman of the board and CFO Taras Skvortsov, Sberbank accounts for about a third of the Finance Ministry’s borrowing through OFZs.
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