Russian banks draw over 3trn rubles at 1-day repo auction
Country’s central bank allotted full amount on offer, the highest amount since 2014
Russian banks have drawn short-term cash from the country’s central bank on levels not seen since 2014, in an attempt to soften the blow from international sanctions.
The results of the latest repo auction published today (February 28) show the Bank of Russia provided 3.04 trillion rubles ($30.2 billion) to Russian banks, at a cut-off rate of 20%.
The liquidity provided had a maturity of 1 day, and matched the full amount of bids received.
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