Yesterday, the USDRUB overnight FX swap did not trade, but EURRUB rates hit the CBR’s offer at 13.5%, so banks secured RUB 3.0bn from the regulator. In addition, the CBR provided RUB 54bn in overnight repo. However, the lion’s share of the liquidity needs was covered by banks’ free reserves, as sight deposits in the CBR declined visibly. Meanwhile, NDF rates were little changed amid low international activity, but the onshore 1M XCCY swap tightened 18bp to 12.37%. Also, 3M MosPrime moved down 9bp to 13.38%. Hence, as we suggested, market participants see pressure on the money market as temporary and remain focused on the near-term trends. To recap, the CBR is due to hold a monetary policy meeting in mid-June.