On suspending 12-month FX repo auctions

The Bank of Russia decided to suspend, effective 1 April 2016, 12-month FX repo auctions, considering the lack of demand for these facilities from Russian credit institutions and its’ shift to 28-day FX repos.

The Bank of Russia will continue to set the parameters for auctions to provide foreign currency on a reverse basis, taking into account the banking sector’s demand for FX liquidity, balance of payments forecast and domestic FX market developments.

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