In the domestic market, the Bank of Russia can conduct financial operations for purposes other than monetary policy objectives.
The Special Refinancing Facilities are designed to encourage banks to lend to companies in certain segments or sectors of the economy. These facilities are in the form of the Bank of Russia’s loans to credit institutions for relatively long periods and at a relatively low interest rate.
The Emergency Liquidity Assistance Facility is created to support individual credit institutions experiencing temporary liquidity shortages. If a bank applies for the facility, the Bank of Russia can provide liquidity either by extending a loan or concluding a repo agreement.
Irrevocable Credit Lines are opened by the Bank of Russia to facilitate a smooth transition to Basel-III standards, in terms of compliance by systemically significant credit institutions with the liquidity coverage ratio.
To support financial stability the Bank of Russia can adjust certain terms of monetary policy operations, offer unsecured loans, conduct operations in the foreign exchange market, including foreign currency liquidity-providing operations.