Definitions

The graph shows the contribution of the factors, described below, to the change of the banking sector liquidity, represented by the correspondent account balances of credit institutions with the Bank of Russia, per day. The data may be revised on the basis of balance sheet data.

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.

Operations with OFZ (net) reflect the inflow or outflow of the banking sector liquidity due to the redemption of the outstanding government bonds and coupon payments net of the amount of funds attracted by the government through bond issuance. The sign “+” denoes a net decrease of internal government debt, the sign “-” net increase.

The Federal Treasury deposits (net) reflect the inflow or outflow of the banking sector liquidity due to the increase or decrease of the volume of the Federal Treasury deposits in banks. The sign “+” denotes a net increase of the amount of deposits in banks, the sign “-” net decrease.

The Federal Treasury repo operations (net) reflect the inflow or outflow of the banking sector liquidity due to the increase or decrease of the amount of the Federal Treasury outstanding repos. The sign “+” denotes a net increase of the volume of liquidity provided to banks through the repo operations, the sign “-” net decrease.

For the column “the Ministry of Finance of the Russian Federation FX purchases (sales) on the domestic FX market” the sign “+” denotes a purchase of foreign currency by the Ministry of Finance on the domestic FX market, the sign “-” sale.

CBR operations on the domestic FX market reflect the net purchase/sale of the foreign currency by the CBR on the domestic FX market (does not include FX purchases (sales) by the Ministry of Finance of the Russian Federation on the domestic FX market). The sign “+” denotes a net purchase of foreign currency by the CBR, the sign “-” denotes a net sale of foreign currency by the CBR.

CBR operations to provide and absorb liquidity are calculated at the end of the day as a net worth between the change in the CBR liabilities to the banking sector and the change in the CBR claims on the banking sector on the current day. In addition, CBR operations include the result of required reserve regulation and net CBR’s outright purchases/sales of securities. The sign “+” denotes a supply of liquidity to the banking sector, while the sign “-” means a withdrawal of funds by the CBR.

The change in the CBR liabilities to the banking sector is calculated as an amount of funds to be paid back by the CBR to credit institutions on the current day under deposit operations and through the redemption of outstanding CBR bonds net of the amount of funds attracted by the CBR via deposit operations and through the CBR bonds allotment with the settlement date on the current day.

The change in the CBR claims on the banking sector is calculated as an amount of funds to be paid back by credit institutions to the CBR on the current day under repo and currency swap operations and through the redemption of CBR loans net of funds provided by the CBR through repo, currency swap operations and loans with the settlement date on the current day.