Published on: 2026-04-27
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
The Bank of Russia, starting from May 13, 2026 – at the beginning of the May averaging period for mandatory reserves – will adjust the conditions for conducting “fine-tuning” auctions. This decision is aimed at increasing the efficiency of the monetary policy operational procedure and reducing the average deviation of money market rates from the key rate.
When conducting “fine-tuning” auctions, the Bank of Russia, in addition to the needs of the banking sector for liquidity, will take into account the observed deviation of the RUONIA rate from the key rate (spread). In the case of forming a stable and significant spread, the frequency of conducting “fine-tuning” auctions may increase. However, as banks adapt to the new regime and as expectations regarding the future dynamics of RUONIA relative to the key rate converge, the need for these operations will decrease.
In the case of holding a deposit auction of “fine tuning” during the determination of the limit, the entire volume of excess liquidity in the accounts of banks in the Bank of Russia will be taken into account.
On the last day of the averaging period, when the averaging mechanism for mandatory reserve requirements does not fully allow banks to regulate temporary imbalances of liquidity demand and supply, the Bank of Russia, in order to limit fluctuations in money market rates, will continue to conduct “fine-tuning” auctions in accordance with the established practice.
Please note; This information is raw content obtained directly from the information source. It represents an exact report of what the source claims, and does not necessarily reflect the position of MIL-OSI or its clients.