On Friday, the overnight FX swap remained flat at 15.09%, as did the weighted-average rate, which closed at 14.95%. The other market rates were flat overall, so the CBR’s overnight facilities remained in demand. Banks secured RUB 113bn from the regulator at the FX swap window. The level of liquidity in the system is sufficient now, with the banks’ combined current accounts and overnight deposits at RUB1.49tn, but this week demand for liquidity might increase amid ongoing tax payments. The Treasury has announced two deposit auctions with a total amount of RUB 300bn, but even if allocated in full, most of that amount would simply refinance the RUB 239bn of budgetary money maturing this week.