Yesterday, the volume of banks’ correspondent accounts in the CBR increased to RUB 1.3tn, from RUB 0.8tn the day before, as the new averaging period kicked off. As we expected, this did not create any hurdles for the money market as banks simply moved funds from deposits to current accounts, while the liquidity inflows from the fiscal side continued. The CBR conducted a one-week repo auction for RUB 1.2tn: demand was RUB 2.1tn, so the average rate printed at 15.73%. Meanwhile, demand for the overnight repo declined to RUB 245bn (-RUB 158bn) yesterday. In light of this, the overnight FX swap closed at 15.42% (down from 16% on Monday), whilst the weighted-average rate printed at 15.48%. NDF rates closed barely changed on the front end, while longer dated XCCY swap rates moved up slightly. In particular, 2-year XCCY closed at 12.90% (+32bp). The IRS curve shifted up 35bp in a parallel move, so the basis was almost unchanged.