Definitions

In the table, there are main indicators of banking sector’s liquidity conditions in the  reserve maintenance periods. In general, the indicators are the averages of daily positions for period of 28 or 35 days. The table consists of several sections:

1. characteristics of the  reserve maintenance periods;
2. indicators of liquidity and required reserves;
3. information on monetary policy instruments and other Bank of Russia’s operations with conclusion concerning the structural liquidity position;
4. data on the Bank of Russia’s key rate and the overnight segment of money market;
5. other characteristics of liquidity condition;
6. change of banking sector liquidity and its factors over the reserve maintenance period.

The Board of Governors of the Bank of Russia sets the reserve maintenance (averaging) periods each year. The table includes the first and the last day of the reserve maintenance periods and the number of calendar days of the reserve maintenance periods.

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

Required reserves to be averaged on correspondent accounts indicates the volume of required reserves to be maintained by credit institutions on correspondent accounts with the Bank of Russia over the reserve maintenance period (not each end-of-day but in average over the 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 over the reserve 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 banks’ positions in Bank of Russia’s bonds in circulation and on deposit accounts with the Bank of Russia as a result of deposit auctions over the reserve maintenance period. The table includes data on Bank of Russia bonds, main 1 week deposit auctions and fine-tuning deposit auctions.

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 over the reserve maintenance period. The table includes data on longer-term loan and repo auctions, main 1-week repo auctions and fine-tuning repo auctions.

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 over the reserve maintenance period. The table includes data on deposits, repos and FX swaps, one-day loans and longer-term loans.

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 swap operations over the reserve maintenance period.

Changes of the key rate indicates the amount of change in the key rate of the Bank of Russia over the reserve 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 over the reserve maintenance period, with negative and positive spreads added up. The table includes the volatility of the spread as well as the bottom and the top of the range of spread fluctuations over the reserve maintenance period.

RUONIA volume indicates the average volume of deals, included in the calculation of RUONIA over the maintenance period.

MIACR overnight and key rate average spread indicates the average of daily spreads between MIACR overnight and the key rate of the Bank of Russia over the reserve maintenance period, with negative and positive spreads added up.

MIACR overnight volume indicates the average volume of deals, included in the calculation of MIACR overnight over the maintenance period.

Autonomous liquidity factors, net indicates the aggregate influence on liquidity of the autonomous factors that forms liquidity needs (demand, “-”) and the autonomous factors that serves as sources of liquidity (supply, “+”), and of the Bank of Russia’s outright operations, average of end-of-day positions over the reserve maintenance period.

Surplus liquidity on correspondent accounts indicates the actual correspondent account balances (average of end-of-day positions) over required reserves to be averaged on correspondent accounts over the reserve maintenance period.

Liquidity placed in bonds and deposits 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 over the reserve maintenance period.

Liquidity provision through loans, repos and FX swaps indicates the average of end-of-day positions on Bank of Russia’s liquidity provision to credit institutions through loans, repo and USD/RUR and EUR/RUR buy/sell swap operations over the reserve maintenance period.

Change in balances on correspondent accounts and special accounts for required reserves with the Bank of Russia indicates the change in balances on correspondent accounts and special accounts for required reserves with the Bank of Russia over the maintenance period.

Effect of operations (standard instruments and special facilities) indicates net inflow (+) / outflow (-) of liquidity over the maintenance period due to the Bank of Russia’s reverse operations with credit institutions, incl. monetary policy standard tools, special refinancing facilities, ELA and irrevocable credit line loans, USD/RUR sell/buy swap operations.

Effect of autonomous factors indicates net inflow (+) / outflow (-) of liquidity over the maintenance period due to the influence of autonomous factors which are classified into three broad categories:

1. Bank of Russia’s operations in the domestic FX market;
2. change in cash in circulation;
3. change in general government accounts with the Bank of Russia and other items.

Bank of Russia’s operations in the domestic FX market indicates net inflow (+) / outflow (-) of liquidity over the maintenance period due to the Bank of Russia’s purchases / sales of foreign currency in the domestic FX market.

Change in cash in circulation indicates net inflow (+) / outflow (-) of liquidity over the maintenance period due to cash withdrawal / issuance.

Change in general government accounts with the Bank of Russia and other items indicates net inflow (+) / outflow (-) of liquidity over the maintenance period as a result of movements in general government accounts with the Bank of Russia and due to the other items, incl. the Bank of Russia’s purchases of gold in the domestic market. In this net flow of liquidity the following operations are singled out:

1. change in amounts outstanding on Federal Tresury’s operations with banks;
2. operations with OFZ;
3. operations of the Ministry of Finance of the Russian Federation in the domestic FX market.