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CBR’s refinancing framework is one of the most complicated globally

As the CBR’s refinancing framework remains complicated and banks continue to face a shortage of market collateral, the direction in which auction repo rates change is not the only important thing about monetary policy in Russia. Anticipated changes to the refinancing framework will likely be the ‘big thing’ of 2H13 and they alone will be able to bring money market rates significantly lower, even in the unlikely case of stable repo rates.
Maxim Oreshkin
VTB Capital analyst


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