In terms of liquidity, the situation changed little at the end of last week. The only thing is that banks moved a good portion of funds from correspondent accounts to deposits, but the combined volume remained barely changed, at around RUB 1.6tn. The CBR's decision to cut rates caught the market by surprise, so front-end NDF rates tightened 200-250bp with 1M NDF closing at 18.74% and 12M NDF ending at 15.55%. Longer-dated XCCY swap rates declined 70-90bp, with the 2-year rate settling at 13.43%. Hence, the NDF/XCCY curve steepened with the 3m12m spread up from -300bp to -150bp; the 1s2s spread ended at -200bp (+100bp). The IRS curve also moved down, but to a lesser extent, which fuelled basis swap widening.