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Rates: consolidated budget behaves like in 2011

Overnight rates remain at around 6.0% in interbank deposits but FX swap is at the CBR’s rate of 6.65%. The main factor for the rather easy liquidity evaporation is the consolidated budget that withdrew around RUB 600bn from banking liquidity. The last time the consolidated budget was absorbing so much was in 2011. Meanwhile, it looks like the volume of Federal Treasury deposits will be gradually on an uptrend as banks took RUB 70bn at 5.7%. On Friday, the corporate sector is to pay the mineral extraction tax (up to RUB 290bn in total, with excises) and a liquidity squeeze is quite likely.
Maxim Korovin, Anton Nikitin
VTB Capital analysts


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