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Bank Run Fears Escalate As Russian Lender Bans Cash Withdrawals

January 28th, 2014

banksPaul Joseph Watson: Fears of bank runs have escalated with the news that Russian lender ‘My Bank’ has banned all cash withdrawals until next week.

Image: Russian Ruble (YouTube).

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“Bloomberg reports that ‘My Bank’ – one of Russia’s top 200 lenders by assets – has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia. Russia sovereign CDS had recently weakened to 4-month wides at 192bps,” reports Zero Hedge.

The source of the story is a person working inside the ‘My Bank’ call center, although officials for the bank have refused to comment.

On Saturday it emerged that HSBC was restricting large cash withdrawals for UK customers from £5000 upwards, forcing them to provide documentation of what they plan to spend the money on, a form of capital control that more and more banks are beginning to adopt.

This was followed by the story, which subsequently turned out to be false but caused market jitters nonetheless, that China’s commercial banks had been instructed to suspend cash transfers.

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