With the end of the averaging period money market rates adjusted higher. The weighted-average FX swap rate printed 10.33% (+28bp) yesterday, while at the close the FX swap hiked to 10.96%, likely driven by a last minute bid in order to complete the averaging period. The volume of correspondent accounts dropped to RUB 942bn as of yesterday morning, but demand for liquidity remained moderate. At the three-month 312-P auction, banks secured only RUB 748bn out of the RUB 800bn limit; the cut-off rate was set at 11.25%. Furthermore, banks increased the volume of the fixed-rate repo operations to RUB 55bn, leaving the CBR’s FX swap facility untapped.