With the end of the tax period, the overnight FX swap fell below the key rate level again, closing at 10.85% on Friday. The weighted average rate also declined, to 11.03% (-16bp). The level of liquidity remains comfortable, so demand for the CBR’s facilities faded: banks decreased the volume of fixed-rate repo to RUB 14bn, leaving the FX swap untapped. The budget remains the key liquidity provider, with RUB 470bn on deposits complementing budget spending. This week, the Treasury is to hold two deposit auctions for a total of RUB 200bn which, if taken in full, would bring RUB 100bn of fresh liquidity into the system.