On results of 12-month FX repo auction

Rather low demand for US dollars at the 12-month repo auction of 17 November 2014 indicates that credit institutions, which showed significant accumulation of liquid funds in foreign currency in October, do not currently experience any deficit of foreign currency liquidity.

The Bank of Russia believes, this instrument that provides for regular and predictable supply of foreign currency liquidity to credit institutions should stabilise the market through smoothing the impact of possible future surges in demand for foreign currency.

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