On the Bank of Russia liquidity provision operations (on fixed rates)

The Bank of Russia decided not to suspend the operations for the provision of loans secured by non-marketable assets or guarantees (according to the Regulation No. 312-P, dated 12 November 2007, “On the Provision of Loans Secured by Non-marketable Assets and Guarantees by the Bank of Russia to Credit Institutions”) on fixed rates for terms from 2 to 365 days and loans secured by gold (according to the Bank of Russia Regulation No. 362-P, dated 30 November 2010, “On the Provision of Loans Secured by Gold by the Bank of Russia to Credit Institutions”) on fixed rates for terms from 2 to 365 days starting from 1 February 2014.

Effective from 3 February 2014 the Bank of Russia Board of Directors also decided to set the interest rates on operations:

• for the provision of loans secured by non-marketable assets or guarantees on fixed rates for terms from 2 to 365 days at 7.25 percent per annum;
• for the provision of loans secured by gold on fixed rates for terms from 2 to 365 days at 7.0 percent per annum.

The decision to keep the above mentioned operations in the system of Bank of Russia monetary policy instruments is taken given the limited amount of the market collateral and its uneven distribution in the banking sector.

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