The inflow of fresh regulatory liquidity helped to dissipate pressure from the money market. The overnight FX swap declined 161bp to 12.0%, while the weighted average rate eased to 12.8% (-50bp). Hence, banks did not tap the CBR’s FX swap at all, though they borrowed RUB 49bn in fixed-rate repo operations. Today, the Treasury is to conduct another deposit auction, offering RUB 50bn for a oneweek period, but we expect moderate demand, given the significant amount
of liquidity attracted on Tuesday. The IRS curve continued to follow money market dynamics, moving 5-10bp lower in the short and the long segments of the curve. Meanwhile, the NDF/XCCY curve closed barely changed, with only the longest XCCY tenors easing 40bp.