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Money market: more of the same

The overnight FX swap rate remained anchored at 8.0% yesterday and banks borrowed RUB 49bn from the CBR. On the liquidity side, little changed yesterday; the MTD budget is still a net liquidity provider, but that could change on Friday with the payment of MET/Excises. So far, increased demand for cash has subtracted near RUB 131bn of liquidity, which is in line with last year’s figures: for the same period, cash increased RUB 155bn. At the same time, for the whole month the cash outflow equalled RUB 293bn and we expect something similar this April as well. Meanwhile, NDF rates climbed 5bp yesterday, with 3M closing at 9.07%. Longer-dated CCS rates inched up to the same extent. The IRS curve has also upwardly re-priced 4-7bp, with 1Y IRS now running at 9.54%.
Maxim Korovin, Anton Nikitin
VTB Capital analyst

money market

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