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Autonomous liquidity factors

Factors affecting banking sector liquidity outside of the scope of Bank of Russia’s operations aimed at liquidity management and steering the overnight money market rates. These include changes in currency in circulation, changes in general government’s funds in accounts with the Bank of Russia, required reserve regulation, and Bank of Russia operations in the domestic FX market.

Banking sector liquidity

Credit institutions’ funds held in correspondent accounts with the Bank of Russia to carry out payment transactions through the Bank of Russia’s payment system and to meet their reserve requirements.

Benchmark portfolio

A set of financial instruments in each reserve currency taken in appropriate percentage. Benchmark portfolios reflect the target distribution of Bank of Russia assets in each foreign currency.

Credit rating

A rating agency’s assessment of the creditworthiness of a borrower and its ability to fulfill its financial obligations.

Currency in circulation

Comprises banknotes and coins in circulation that are commonly used to make payments. Monetary base includes all currency in circulation outside of the Bank of Russia.

Emergency liquidity assistance facility

Bank of Russia’s instrument for supporting individual credit institutions experiencing temporary liquidity shortages.

Floating exchange rate regime

An exchange rate regime, under which the central bank does not set targets, including operational ones, for the level of or changes to the exchange rate, allowing it to be influenced by market factors. However, the central bank reserves the right to purchase foreign currency to replenish international reserves or to sell it should threats to financial stability arise.

FX swap

An agreement pursuant to which counterparties exchange payments in different currencies. In the domestic market, the Bank of Russia’s FX swap operations imply simultaneous spot (the first leg) and forward (the second leg) transactions of exchanging one currency against another.

General government’s funds in accounts with the Bank of Russia

Funds of the federal budget, the budgets of constituent territories of the Russian Federation, local budgets, government extrabudgetary funds and extra-budgetary funds of constituent territories of the Russian Federation and local authorities deposited in accounts with the Bank of Russia.

Interest rate corridor

Bank of Russia’s monetary policy instrument to steer overnight money market rates. The interest rate corridor is structured as follows: the center of the corridor is set by the key rate of the Bank of Russia; the upper and lower bounds are rates of overnight standing facilities (refinancing facilities and deposit facilities) symmetric to the key rate.

International reserves of the Russian Federation

Comprises the most liquid foreign exchange assets of the Bank of Russia and the Government of the Russian Federation and monetary gold.

Irrevocable credit lines

Bank of Russia’s instrument for the smooth transition to Basel-III standards, in terms of compliance by systemically significant credit institutions with the liquidity coverage ratio.

Key rate of the Bank of Russia

The main monetary policy interest rate set by the Bank of Russia Board of Directors. Key rate changes influence lending and economic activities and make it possible to achieve the primary objective of monetary policy. It corresponds to the minimum bid rate at Bank of Russia one-week repo auctions and the maximum bid rate at Bank of Russia one-week deposit auctions.

Lombard list of the Bank of Russia

A list of securities eligible as collateral for Bank of Russia loans and repo operations.

Market asset utilization ratio

The share of market assets used as collateral in operations with the Bank of Russia in total market assets, which may serve as collateral for Bank of Russia operations.

MIACR (Moscow Interbank Actual Credit Rate)

A weighted average Moscow interbank actual rate on loans issued by Moscow banks with breakdown by currency and maturity bands. Data on transactions are conveyed to the Bank of Russia in the daily reporting form 0409701 “The foreign exchange and money markets transactions report” in compliance with the Bank of Russia Ordinance No. 4927-U, dated October 8, 2018, “On the List, Forms and Procedure for Compiling and Presenting Credit Institutions Reporting Forms to the Central Bank of the Russian Federation”.

Monetary Base

Monetary base in a narrow definition includes cash in circulation and credit institutions’ funds in special accounts with the Bank of Russia for required reserves on ruble reservable liabilities. Monetary base in a broad sense comprises currency in circulation and credit institutions’ funds held in accounts with the Bank of Russia and placed in Bank of Russia’s bonds.

Non-market asset utilization ratio

The share of non-marketable assets of credit institutions used as collateral for Bank of Russia loans in total non-marketable assets eligible as collateral for Bank of Russia loans.

Open market operations

Bank of Russia’s operations available to credit institutions on specified dates and time frame, as a rule, with announced amount of funds to be provided or withdrawn. The Bank of Russia mostly carries out these operations for the banking sector liquidity regulation. They includes operations on a reverse basis in an auction form as well as outright purchases and sales of financial assets (government securities, foreign currency, gold).

Operational target of monetary policy

The target the Bank of Russia seeks to achieve in cooperation with credit institutions while pursuing its monetary policy. The Bank of Russia’s monetary policy operational target is defined as bringing overnight money market rates close to the key rate.

Operations to absorb liquidity

Bank of Russia’s operations to absorb excess liquidity from credit institutions on a reverse basis. These are operations either to attract deposits or place Bank of Russia’s bonds.

Refinancing operations

Bank of Russia’s operations to provide credit institutions with liquidity on a reverse basis. They may be in the form of loans, repos or FX swaps.


An arrangement to sell an asset and to repurchase it at a specified price on a predetermined future date or on demand. In the domestic market, the Bank of Russia executes repo operations to provide credit institutions with liquidity. These operations involve the purchase of securities by the Bank of Russia from a credit institution and their subsequent sale on a predetermined date.

Required reserve averaging

The right of a credit institution to maintain required reserves in a correspondent account with the Bank of Russia (a share of total required reserves equal to the averaging ratio) not every day, but only on average over a particular period (a required reserve averaging period).

Required reserve averaging period

A period, in the course of which credit institutions should maintain required reserves in correspondent accounts with the Bank of Russia (a share of total required reserves equal to the averaging ratio). The calendar for the required reserve averaging periods is set by the Bank of Russia Board of Directors for each year.

Required reserve averaging ratio

The ratio ranging from 0 to 1 is applied to the total value of required reserves to calculate the value of required reserves which credit institution can maintain in correspondent account with the Bank of Russia.

Required reserve ratios

Ratios ranging from 0% to 20% are applied to reservable liabilities of a credit institution to calculate its total value of required reserves. They are set by the Bank of Russia Board of Directors.

Required reserve regulation

Changes in the value of required reserves deposited by credit institutions in special accounts for required reserves with the Bank of Russia.

Required reserves

Bank of Russia’s monetary policy instrument for the banking sector liquidity regulation. Funds that credit institutions have to maintain in correspondent accounts and special accounts for required reserves with the Bank of Russia in order to meet reserve requirements.

RUONIA (Ruble OverNight Index Average)

A reference weighted rate of overnight ruble deposits in the Russian interbank market. It reflects the cost of unsecured loans of banks with minimum credit risk. To calculate RUONIA, the Bank of Russia applies the method elaborated by the National Finance Association in cooperation with the Bank of Russia based on the information on deposit transactions made between member banks. The list of RUONIA member banks is compiled by the National Finance Association and concurred with the Bank of Russia.

Special drawing rights

An international reserve asset created by the IMF to supplement the existing official reserves of member countries. It is a potential claim on the freely usable currencies of IMF members. The SDR rate is determined based on the dollar value of a five-currency basket made up of the US dollar, euro, yen, pound sterling and yuan.

Special refinancing facilities

Bank of Russia’s instruments for encouraging banks to lend to companies in certain segments or sectors of the economy. These facilities are in the form of the Bank of Russia’s loans to credit institutions for relatively long periods and at a relatively low interest rate.

Standing facilities

Bank of Russia’s operations available to credit institutions on request (or automatically). The results of the application are mostly determinate in advance for eligible counterparty while interest rates are pre-specified and bids are satisfied in full. The rates on overnight standing facilities shape the bounds of the interest rate corridor.

Structural liquidity deficit

The state of the banking sector characterised by a stable demand by credit institutions for Bank of Russia liquidity provision operations. The level of structural liquidity deficit is a positive difference between Bank of Russia claims to credit institutions on refinancing operations and Bank of Russia liabilities to them on operations to absorb excess liquidity.

Structural liquidity surplus

The state of the banking sector, under which the Bank of Russia has to regularly conduct excess liquidity-absorbing operations to achieve its operational target. The level of structural liquidity surplus is a positive difference between Bank of Russia liabilities to credit institutions on operations to absorb excess liquidity and Bank of Russia claims to them on refinancing operations.

Department responsible for publication: Monetary Policy Department
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Last updated on: 12.02.2021