Banking Sector’s Liquidity Conditions: Main Indicators in the Reserve Maintenance Periods (extended version)1
| Required reserve averaging periods | Correspondent account balances | Required reserves to be averaged in correspondent accounts | Required reserves in special accounts | Structural liquidity deficit (+) / surplus (-) | Demand for liquidity on market terms | Liquidity absorbed at auctions | Liquidity provided at auctions | Standing monetary policy facilities | Special mechanisms and other operations of the Bank of Russia, net | Key rate change (b.p.) | Indicators of RUONIA | Indicators of MIACR overnight | Other liquidity-based information | Change of banking sector liquidity and its factors2 | |||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| First day | Last day | Number of calendar days | Total | Bank of Russia's bond auctions | Main deposit auctions | Fine-tuning deposit auctions | Total | Longer-term repo and loan auctions | Main repo auctions | Fine-tuning repo auctions | Total, net | Deposits | Repos PM and FX swaps3 | Loans PM4 | Repos SM | Loans SM5 | Spread between RUONIA and the key rate (b.p.) | RUONIA and key rate spread, volatility (b.p.) | RUONIA and key rate spread, bottom of the fluctuation range (b.p.) | RUONIA and key rate spread, top of the fluctuation range (b.p.) | Outstanding RUONIA transactions | Spread between MIACR overnight and the key rate (b.p.) | Outstanding MIACR overnight transactions | Autonomous liquidity factors, net | Excess liquidity in correspondent accounts | Credit institutions’ funds in bonds and deposits | Funds provided to credit institutions through loans, repos, and FX swaps | Change in required reserves | affected by: | ||||||||||||||
| Bank of Russia operations with credit institutions | autonomous liquidity factors | including: | |||||||||||||||||||||||||||||||||||||||||
| Bank of Russia FX interventions in the domestic market | change in the amount of cash in circulation | change in balances of general government accounts with the Bank of Russia and other operations | of which: | ||||||||||||||||||||||||||||||||||||||||
| change in banks’ debt on Federal Treasury operations | change in domestic government debt | operations of the Russian Ministry of Finance to buy / sell foreign currency in the domestic market | |||||||||||||||||||||||||||||||||||||||||
| 12.08.2026 | 08.09.2026 | 28 | 5,403.8 | 5,340.7 | 587.8 | 2,644.6 | 5,270.2 | 156.7 | 0.0 | 0.0 | 156.7 | 4,915.5 | 0.0 | 4,865.5 | 50.0 | -2,279.0 | 3,872.1 | 53.9 | 1,539.2 | 0.0 | 0.0 | 227.8 | 0 | -12 | 13 | -39 | 6 | 695.4 | -17 | 934.1 | 3,347.0 | 63.1 | 4,028.8 | 6,736.5 | 746.3 | 965.7 | -219.4 | 0.0 | -425.5 | 206.0 | 1,962.1 | -711.6 | 114.5 |
| 15.07.2026 | 11.08.2026 | 28 | 5,407.7 | 5,332.2 | 588.4 | 2,363.1 | 5,064.6 | 107.2 | 0.0 | 0.0 | 107.2 | 4,935.0 | 0.0 | 4,845.7 | 89.3 | -2,614.2 | 3,880.3 | 75.4 | 1,186.4 | 0.0 | 4.3 | 225.0 | -25 | -8 | 31 | -43 | 50 | 727.9 | -12 | 934.0 | 3,633.0 | 75.5 | 3,987.5 | 6,426.0 | 859.3 | 1,081.1 | -221.8 | 0.0 | -415.0 | 193.3 | 291.4 | 257.4 | 98.3 |
| 10.06.2026 | 14.07.2026 | 35 | 5,385.0 | 5,280.4 | 588.4 | 2,099.2 | 5,197.7 | 0.0 | 0.0 | 0.0 | 0.0 | 5,047.7 | 0.0 | 5,039.1 | 8.6 | -3,072.6 | 3,817.0 | 19.1 | 720.3 | 0.0 | 4.9 | 228.7 | -25 | -19 | 40 | -76 | 50 | 659.1 | -20 | 751.7 | 3,874.3 | 104.6 | 3,817.0 | 6,020.7 | -2,016.2 | -1,765.5 | -250.7 | 0.0 | -716.8 | 466.1 | -994.0 | -21.9 | 140.9 |
| 13.05.2026 | 09.06.2026 | 28 | 5,385.9 | 5,280.4 | 588.2 | 1,781.0 | 4,386.2 | 0.0 | 0.0 | 0.0 | 0.0 | 4,532.1 | 0.0 | 4,463.5 | 68.6 | -2,879.6 | 3,638.9 | 4.4 | 752.0 | 0.0 | 2.9 | 234.0 | 0 | -32 | 4 | -45 | -25 | 831.4 | -35 | 888.0 | 4,193.1 | 105.5 | 3,638.9 | 5,525.4 | 2,619.6 | 2,927.8 | -308.2 | 0.0 | -328.3 | 20.1 | -242.0 | 57.3 | 31.8 |
| 15.04.2026 | 12.05.2026 | 28 | 5,445.4 | 5,315.5 | 587.5 | 1,472.6 | 4,039.6 | 39.2 | 0.0 | 0.0 | 39.2 | 4,394.6 | 0.0 | 4,394.6 | 0.0 | -2,994.4 | 3,585.1 | 0.1 | 581.9 | 0.0 | 8.7 | 241.6 | -50 | -38 | 29 | -64 | 42 | 857.0 | -41 | 944.7 | 4,560.3 | 129.9 | 3,624.4 | 5,226.9 | -1,969.8 | -1,487.7 | -482.1 | 0.0 | -461.7 | -20.4 | 650.1 | -366.1 | -77.3 |
| 11.03.2026 | 14.04.2026 | 35 | 5,407.2 | 5,301.4 | 580.0 | 846.0 | 3,879.6 | 0.0 | 0.0 | 0.0 | 0.0 | 4,172.7 | 0.0 | 4,163.8 | 8.9 | -3,450.6 | 3,784.1 | 6.7 | 309.0 | 0.0 | 17.9 | 229.7 | -50 | -35 | 25 | -74 | -8 | 693.3 | -38 | 792.8 | 5,141.2 | 105.8 | 3,784.1 | 4,735.9 | -1,598.4 | -1,199.6 | -398.8 | 0.0 | -490.2 | 91.4 | -1,464.6 | 169.6 | -115.4 |
| 11.02.2026 | 10.03.2026 | 28 | 5,451.2 | 5,342.2 | 554.6 | 337.3 | 2,939.1 | 0.0 | 0.0 | 0.0 | 0.0 | 3,261.8 | 0.0 | 3,151.7 | 110.0 | -3,031.9 | 3,537.1 | 2.0 | 485.3 | 0.0 | 17.9 | 216.5 | -50 | -30 | 23 | -75 | -10 | 648.4 | -32 | 730.1 | 5,668.5 | 109.1 | 3,537.1 | 3,983.6 | 1,777.7 | 2,207.1 | -429.4 | 0.0 | -266.8 | -162.6 | -405.3 | -532.8 | -286.4 |
| 14.01.2026 | 10.02.2026 | 28 | 5,414.2 | 5,314.3 | 554.4 | 173.7 | 3,017.3 | 0.0 | 0.0 | 0.0 | 0.0 | 3,230.3 | 0.0 | 3,178.5 | 51.8 | -3,195.3 | 3,535.9 | 84.5 | 227.1 | 0.0 | 29.1 | 238.6 | 0 | -35 | 20 | -83 | -11 | 690.4 | -36 | 670.3 | 5,794.9 | 99.9 | 3,535.9 | 3,809.5 | 1,471.9 | 1,322.0 | 149.9 | 0.0 | 131.9 | 18.0 | -1,763.5 | 51.0 | -324.9 |
| 10.12.2025 | 13.01.2026 | 35 | 5,428.5 | 5,307.6 | 554.1 | 428.0 | 3,218.2 | 0.0 | 0.0 | 0.0 | 0.0 | 3,974.9 | 0.0 | 3,974.9 | 0.0 | -3,668.4 | 4,132.4 | 159.7 | 246.4 | 1.2 | 56.6 | 242.5 | -50 | -33 | 24 | -72 | 7 | 578.7 | -33 | 517.7 | 5,554.6 | 120.9 | 4,132.4 | 4,681.3 | -2,631.5 | -2,412.0 | -219.6 | 0.0 | -433.0 | 213.5 | -1,101.9 | -163.6 | -243.4 |
| 12.11.2025 | 09.12.2025 | 28 | 5,265.5 | 5,203.3 | 554.1 | -233.6 | 2,627.5 | 0.0 | 0.0 | 0.0 | 0.0 | 2,822.2 | 0.0 | 2,822.2 | 0.0 | -3,239.5 | 3,418.5 | 81.7 | 83.0 | 0.0 | 14.4 | 245.9 | 0 | -16 | 11 | -30 | -1 | 462.7 | -20 | 445.0 | 6,053.2 | 62.2 | 3,418.5 | 3,247.2 | 1,442.9 | 1,768.1 | -325.2 | 0.0 | -139.5 | -185.7 | 1,785.1 | -1,260.4 | -192.0 |
| 08.10.2025 | 11.11.2025 | 35 | 5,250.5 | 5,185.4 | 554.4 | -533.1 | 1,237.1 | 0.0 | 0.0 | 0.0 | 0.0 | 1,396.0 | 0.0 | 1,371.7 | 24.3 | -2,105.7 | 3,159.4 | 11.3 | 1,001.0 | 0.0 | 41.3 | 241.7 | -50 | -38 | 23 | -65 | -6 | 490.7 | -40 | 476.9 | 6,338.0 | 65.1 | 3,159.4 | 2,691.3 | 638.2 | 803.3 | -165.1 | 0.0 | -98.6 | -66.5 | -234.4 | -363.5 | -280.0 |
| 10.09.2025 | 07.10.2025 | 28 | 5,147.3 | 5,080.5 | 554.8 | -870.4 | 879.6 | 0.0 | 0.0 | 0.0 | 0.0 | 1,220.0 | 0.0 | 1,220.0 | 0.0 | -2,270.3 | 3,374.2 | 48.6 | 1,037.0 | 0.0 | 18.4 | 246.7 | -100 | -26 | 33 | -95 | 0 | 511.0 | -26 | 462.8 | 6,572.5 | 66.8 | 3,374.2 | 2,570.7 | -882.8 | -733.7 | -149.1 | 0.0 | -146.5 | -2.6 | 529.2 | -79.5 | -155.6 |
1 Averages of daily positions, if applicable and not specified otherwise. In bln of RUR, unless otherwise specified.
Up to and including maintenance period from December 11, 2024 to January 14, 2025 indicators of RUONIA and MIACR overnight average values were calculated based on days, when the corresponding rates were calculated. Since maintenance period starting from January 15, 2025 the average values are calculated based on calendar days. If RUONIA or MIACR overnight is not calculated on a given day, the RUONIA or MIACR overnight value for the last preceding day is used.
2 The sum of daily flows.
3 Up to and including averaging period from September 13, 2023 to October 10, 2023 – repos and buy/sell FX swaps. Since averaging period from October 11, 2023 to November 14, 2023 – repos PM and buy/sell FX swaps.
4 Up to and including averaging period from September 13, 2023 to October 10, 2023: overnight loans, one-day Lombard loans and one-day loans secured by non-marketable assets. Since averaging period from October 11, 2023 to November 14, 2023 – loans PM and loans, which were provided before October 16, 2023 at key rate plus 100 bps.
5 Up to and including averaging period from September 13, 2023 to October 10, 2023: longer-term Lombard loans and longer-term loans secured by non-marketable assets. Since averaging period from October 11, 2023 to November 14, 2023 – loans SM and loans, which were provided before October 16, 2023 at key rate plus 175 bps.
Discrepancies are possible due to rounding.
PM – the Primary mechanism of liquidity provision, SM – the Supplementary mechanism of liquidity provision.
Data is available from 10.01.2018 to 12.08.2026, inclusive.