Yesterday, the overnight FX swap closed at 15.1% and the weighted-average rate printed 14.62% (+45bp). Subsequently, banks secured RUB 37.1bn from the CBR in the FX swap window, simultaneously borrowing RUB 106bn in overnight repo operations. Yesterday, the CBR increased the limit on one-week repo by RUB 100bn. Thus, the regulator provided RUB 1.45tn at a 14.43% average rate, amid total demand of RUB 1.7tn. Separately, the Treasury’s deposit auction was well bid, with RUB 100bn being placed at an average rate of 14.25% amid RUB 144bn of demand. Overall, the situation with banking liquidity remains balanced, but clearly far from ample as the total volume of correspondent accounts is running near RUB 1.2tn, i.e. close to the minimum comfortable level, according to our estimates. NDF rates were still better bid yesterday, with the 6M and 9M rates up near 20bp to 15.3% and 14.8%, respectively. Longer dated XCCY swaps declined slightly. The IRS curve increased 20bp along all tenors, yet 3M MosPrime was down 5bp to 15.78%.