On Monday, the overnight FX swap rate closed at 14.1%, albeit banks still secured RUB 9bn from the CBR in the FX swap window. The weighted-average rate printed 14.54% (-20bp). The front-end of the NDF curve rose 10-15bp, though the 6M NDF rate declined 34bp to 15.12%. The XCCY swap rates moved down 20bp, so the curve continued its slow steepening with the 1s2s spread narrowing to -160bp. 3M MosPrime closed unchanged at 15.77%, while the IRS curve shifted 5-15bp lower. The situation with banking liquidity remains comfortable on the eve of the big tax payments (VAT and MET are scheduled for tomorrow): banks are keeping RUB 1.3tn on current accounts with the CBR. In addition, today the Treasury is offering RUB 100bn at the deposit auction for 14 days.