Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;
www.cbr.ru

Information Notice

On auctions to provide foreign currency

The Bank of Russia decided to resume holding 12-month FX repo auctions from 14 December 2015 in compliance with the applicable schedule and set the following interest rates:

minimum interest rates at 12-month FX repo auctions equal to LIBOR in corresponding currencies and for the comparable terms plus 3.00 percentage points (currently, 2.50 percentage points);

minimum interest rates at auctions to provide 365-day loans in foreign currency secured by the pledge of claims on loans in foreign currency equal to LIBOR in corresponding currencies and for the comparable terms plus 2.25 percentage points (currently, 2.75 percentage points).

The Bank of Russia will set the parameters for holding auctions to provide foreign currency on a reverse basis considering banking sector demand for FX liquidity and the developments in the domestic FX market. 12-month FX repos redemptions in December 2015 may be refinanced if necessary through both repo auctions for corresponding terms and repo auctions for one week and 28 days terms. Thus, the Bank of Russia finds it possible that the total amount outstanding on FX repos may be redistributed among these operations for one week, 28 days and 12 month terms, which will allow credit institutions to manage their FX liquidity more flexibly.

27 November 2015

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