Review the Bank of Russia on the outcome of repo auctions for periods of 1 year and 1 month

The demand for held on 22 June 2020 repo auctions the Bank of Russia for a long time the expected happened at a low level for a period of 1 year the credit organizations attracted 5.1 billion rubles, the auction for a period of 1 month is declared invalid.

The current level of liquidity of the Russian banking sector remains adequate. From mid-may, the dynamics of factors affecting the liquidity was improved and the level of structural surplus liquidity increased, contributing to a more uniform distribution of liquidity in the banking sector. Money market rates generally occur below the key rate.

Nevertheless, the Bank of Russia will continue pursuing a long-term repo auctions, because it does not rule out the possibility of amplification of the uneven distribution of liquidity in the banking sector while maintaining the overall structural surplus. In the current environment, this tool gives market participants additional confidence in the possibility of obtaining liquidity if need be, and allows them to more flexibly manage the term structure of their liabilities, while maintaining opportunities for the restructuring of current loans and the issuance of new long-term loans.