Yesterday, the overnight FX swap moved lower, with the weighted average rate printing 11.47% (-17bp). Banks’ correspondent accounts picked up to RUB 1.49tn yesterday morning, but the bid for liquidity still remained strong, as the tax period is gradually moving to its busiest time. Banks took RUB 148bn from the CBR in the overnight repo, securing another RUB 50bn at the Treasury deposit auction. Volatility on the FX market pushed the NDF curve higher, with the belly widening 10-15bp and now standing at 12.25%. However, XCCY rates continued to tighten, narrowing a moderate 3bp across the curve. The IRS curve was up 8-10bp, though the 3M MosPrime rate remained at 12%.