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Forecast of factors affecting banking sector liquidity used to determine the limit on the CBR 1 week auction-based operations from 2012 to 2020

For the period from 30.12.2020 to 12.01.2021, bln rubles
Change in cash in circulation (outside the CBR) 66
Change in general government accounts with the CBR and other items net** 879
Change in required reserve accounts with the CBR 0
The CBR transactions balance for liquidity supply/withdrawal 468
The limit on the CBR 1 week liquidity absorbing operations carried out on the 29.12.2020 1 550

* The detailed algorithm of the limit’s calculation is provided in the informational material "On the estimation of the limits on the Bank of Russia auction-based liquidity providing (absorbing) operations". The sign reflects the factor’s influence on the banking sector liquidity.

** Including FX purchases (sales) by the Ministry of Finance of the Russian Federation on the domestic FX market.

Change in cash in circulation (outside the CBR) reflects the change in cash, issued by the CBR, excluding cash in the CBR cash vaults. The sign “+” denotes a decrease of cash in circulation, the sign “-” denotes an increase of cash in circulation.

Change in general government accounts with the CBR and other items net reflects the change in general government accounts with the CBR (federal, subfederal and extrabudgetary funds) and other items net (including FX purchases (sales) by the Ministry of Finance of the Russian Federation on the domestic FX market). The sign “+” denotes a decrease of balances in the accounts, the sign “-” denotes an increase of balances in the accounts.

Change in required reserve accounts with the CBR reflects the change in required reserves deposited by credit institutions with the CBR including the change as a result of reserve requirements revision. The sign “+” denotes a decrease of reserves, the sign “-” denotes an increase of reserves.

The CBR transactions balance for liquidity supply/withdrawal is calculated at the beginning of the forecasting period as the balance of the CBR transactions with the banking sector involving the supply/withdrawal of ruble liquidity conducted in the previous days with maturities or the settlement date on the forecasting period, as well as the forecast of the amounts of the operations, demand on which can’t be met via auction-based operations. The sign “+” denotes a supply of liquidity to the banking sector, while the sign “-” means a withdrawal of funds by the CBR.

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Last updated on: 29.12.2020