Definitions

In the table, there are main indicators of banking sector’s liquidity conditions in the maintenance periods. The first day for each maintenance period is shown. In general, the indicators are the averages of daily positions for period of 28 or 35 days. The Board of Governors of the Bank of Russia sets the reserve maintenance (averaging) periods each year.

Correspondent account balances indicates the average of end-of-day positions on correspondent accounts of credit institutions with the Bank of Russia for the maintenance period.

Required reserves on special accounts indicates the average of end-of-day positions on special accounts for required reserves of credit institutions with the Bank of Russia for the maintenance period.

Structural liquidity deficit (+) / surplus (-) is calculated as a difference averaged over the required reserves averaging period between the CBR aggregated claims on the banking sector and the CBR aggregated liabilities to the banking sector with the difference between actual correspondent account balances averaged over the averaging period and required reserves to be averaged. The banking sector liquidity deficit is the volume of reserves that the banking sector should borrow from the CBR. The banking sector liquidity surplus is the volume of excess reserves that would accrue on banks’ correspondent accounts barring CBR liquidity management reverse operations.

Liquidity absorbed by open market operations indicates the average of end-of-day positions in Bank of Russia’s bonds in circulation and on deposit accounts with the Bank of Russia as a result of deposit auctions for the maintenance period.

Liquidity provided by open market operations indicates the average of end-of-day positions on Bank of Russia’s liquidity provision to credit institutions through loan and repo auctions for the maintenance period.

Monetary policy standing facilities, net indicates the average of end-of-day positions on Bank of Russia’s liquidity provision to credit institutions through standing refinancing facilities netting the average of end-of-day positions on standing deposit facilities for the maintenance period.

Special refinancing facilities and other standing facilities, net indicates the average of end-of-day positions on Bank of Russia’s liquidity provision to credit institutions through special refinancing facilities and loans under the irrevocable lines netting the average of end-of-day positions on USD/RUR sell/buy FX swap operations for the maintenance period.

Changes of the key rate indicates the amount of change in the key rate of the Bank of Russia for the maintenance period: a positive value means an increase in the key rate; a negative value means a decrease in the key rate.

RUONIA and key rate average spread indicates the average of daily spreads between RUONIA and the key rate of the Bank of Russia for the maintenance period, while negative and positive spreads are added up.

RUONIA volume indicates the average volume of deals per day in the RUONIA segment for the maintenance period.