Deposit auctions will be enough to absorb excessive liquidity of the banking sector in the foreseeable future, Central Bank First Deputy Chairwoman Ksenia Yudayeva reported.
“It will be enough for us to hold deposit auctions in the foreseeable future (to absorb excessive liquidity)”, Yudayeva said.
The authority organized the first deposit auction in 18 months instead of a usual repo sale because of an expected liquidity inflow at the start of August on August 9. In September the board of directors defined the main parameters of the Bank of Russia coupon bonds (OBR), which would be offered depending on the situation with liquidity.
Yudayeva said that legislation should be changed before OBR bonds will be issued.
“When the law is amended, we will return to the issue”, she said. (Prime/Business World Magazine)