On suspending Bank of Russia loans secured by gold

The Bank of Russia suspends providing credit institutions with loans secured by gold from 3 April 2017 due to the poor demand for this instrument.

Given the structural liquidity surplus, credit institutions’ demand for liquidity is low and may be offset by other refinancing operations, which is confirmed by a long-run lack of loans secured by gold. The Bank of Russia’s decision will not affect its ability to keep the short-term interbank rates close to its key rate.

The Bank of Russia provides loans secured by gold in compliance with Bank of Russia Regulation No. 362-P, dated 30 November 2010, ‘On the Procedure for the Bank of Russia to Provide Credit Institutions with Loans Secured by Gold’.

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