Yesterday, liquidity in the system tightened, with the volume of banks’ current accounts declining to RUB 1.29bn (-RUB 134bn). As the CBR’s data shows, the budget sterilised RUB 208bn of liquidity on Tuesday, so yesterday the regulator decided to conduct the second fine-tuning auction for this week, offering RUB 300bn in overnight repo. However, demand did not exceed even half of the offer - the regulator allocated only RUB 134bn at an average rate of 14.13%. The overnight FX swap closed at 15.06%, while the weighted-average rate moved up to 14.9% (+3bp). Banks borrowed RUB 83bn in FX swap operations from the CBR.