Banks’ demand for regulatory funds remained quite moderate, as they borrowed RUB 7bn in the FX swap window and refinanced RUB 48bn of fixed-rate repo. Liquidity is gradually being restored, supported by budget spending – and this week it will likely improve further due to the busy deposit auction schedule. The Treasury announced three deposit auctions, offering RUB 400bn in total, while VEB is to place RUB 100bn of pension money on Wednesday. If taken in full, the net liquidity injection would amount to RUB 248bn. The NDF/XCCY curve moved up on average 10bp, the 1M NDF rate was the most popular, closing at 17.18% (+46bp). Hence, the 1m3m spread widened 55bp to 156bp.