Bank of Russia to hold one-week repo auction and fine-tuning repo auctions

Amid a structural liquidity deficit emerging in the banking sector, on 29 March 2022, the Bank of Russia will hold a one-week repo auction with the first leg to be conducted on 30 March 2022, and the second one — on 6 April 2022. The maximum allotment amount at the auction will be set on 29 March 2022. The schedule and parameters of the auction will be published on the Bank of Russia website in Repo operations schedule and Repo auctions parameters, respectively.

To expand credit institutions’ capabilities to manage their liquidity and maintain overnight money market rates close to the key rate, the Bank of Russia will continue to hold one-day fine-tuning repo auctions daily on business days, with the first leg to be conducted on the auction day. The volume of such operations will be reduced and will total one trillion rubles starting from 30 March 2022. Starting the same date, fine-tuning deposit auctions will not be held on a daily basis.

The Bank of Russia will continue to monitor the liquidity situation in the Russian banking sector and, as the situation stabilises further, will return to the standard procedure for conducting monetary policy operations and managing liquidity through one-week auctions.

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