The situation with banking liquidity barely changed yesterday. The Treasury allocated RUB 200bn on banks’ deposits at an average rate of 15.13% amid RUB 280bn demand. Unless the Treasury conducts yet another ad-hoc auction, the outflow of the state’s deposits would still be RUB 280bn at the end of the week, but covered by the increase in one-week repo refinancing. Yesterday, the CBR provided RUB 1.45tn to banks (+RUB 250bn) amid RUB 1.75tn demand. In addition, budget outlays continue to support banking liquidity, since heavy taxes kick off only next week. Meanwhile, the weighted-average overnight FX swap rate widened 33bp to 14.77% yesterday, while RUONIA was likely about 15.0%. NDF rates picked up near 30bp on the front end, while longer-dated XCCY swap rates widened near 20bp. The IRS curve was up near 30bp as well.