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Russia: unscheduled 6.5pp rate hike

Yesterday, late in the night after the closing bell, the CBR increased the key rate 650bp to 17.0% effective from 16 December. The standing deposit rate now stands at 16%, while the upper end of the interest rate band is set at 18% (overnight FX swap, standing repo). Rates on the 312-P standing facility (all tenors) have been set floating at the key rate + 1.75pp, i.e. 18.75% now. Previously, rates on these loans, written up to 90 days did not change with the key rate. Auction-based 312-P funds are still to be offered at the key rate + a 25bp minimum spread. Meanwhile, the CBR increased the limit on the 28-day FX repo auction from USD 1.5bn to USD 5.0bn and brought the 12-month FX repo auction onto a weekly schedule.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst

CBR, FX market

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