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affected by the reassessment of geopolitical risks by market participants. In the overnight segment of the money market, the rise in interest rates was attributed

affected by the reassessment of geopolitical risks by market participants. In the overnight segment of the money market, the rise in interest rates was attributed

rates OECD short-term interest rates Source: Compiled by the author. Note: The overnight rate is implied unless otherwise indicated Synchronisation of business cycles in Russia

on all overnight Directors to achieve the operational goal of monetary policy standing liquidity provision facilities, including overnight loans, (which is to keep overnight interbank

20% Average z-score 0.51 0.38 For reference: Money market and overnight rates Spread between RUONIA and key rate -19 bp 35 bp Volatility

on all overnight Directors to achieve the operational goal of monetary policy standing liquidity provision facilities, including overnight loans, (which is to keep overnight interbank

of the required reserves averaging period and to maintain the conditions for overnight money market rates to form close to the key rate, the Bank

entities from 1 September 2024. 10 The add-on to O/N SHIBOR (Overnight Shanghai Interbank Offered Rate) was increased from 5.5 pp to 12

enhance liquidity management by credit institutions and to maintain the conditions for overnight money market rates to form close to the key rate, the Bank

Repos Interbank lending Primary mechanism Supplementary mechanism RUONIA (right-hand scale) Overnight liquidity cost (right-hand scale)** Overnight deposits of legal entities (right-hand scale)*** * Data for the