By Under Article 4 and Article 46 of the Federal Law on the Central Bank of the Russian Federation (Bank of Russia), the Bank of Russia conducts operations to take deposits from credit institutions for the purpose of regulating banking sector liquidity. Deposit operations are conducted in compliance with .
At present the Bank of Russia conducts the following deposit operations with resident credit institutions in the national currency: deposit operations at fixed interest rates and deposit operations at auction rates (deposit auctions).
Deposit auctions are held weekly on Thursday on the conditions set by the Bank of Russia (). Deposit auctions are held according to the American auction principle, when a credit institution may make both competitive and non-competitive bids, but Dutch auctions are also possible. The largest possible share of non-competitive bids set by the Bank of Russia for a credit institution is 50%.
Bank of Russia counterparty credit institutions may make bids to the Bank of Russia for participation in a deposit operation by:
1. passing to the Bank of Russia regional branch a tender agreement (compiled in established form);
2. conducting negotiations through the Reuters Dealing System;
3. making a bid to the MICEX Electronic Trading System (hereinafter MICEX ETS).
Deposit transactions via the Reuters Dealing System and MICEX Electronic Trading System are conducted on behalf of the Bank of Russia by its Moscow-based authorised division, the Bank of Russia General Economic Department.
A Bank of Russia counterparty credit institution is free to choose any of the aforementioned ways of making a bid for participation in a deposit operation.
Aggregate Table of Deposit Operation Types and Terms and Conditions
| Deposit operation type | Means of making a bid | Deposit operation term (T - deposit operation date) | Interest rate | Minimum amount (million rubles) | Rules and regulations | ||||
| regional branch | R-D | MICEX | regional branch | R-D | MICEX | ||||
| Fixed-rate deposit operations | - | + | + | Overnight (T+0) | 4.50 | - | 100 | ||
| - | + | + | Overnight: tom-next (T+1), spot-next (T+2) | 4.50 | - | 100 | |||
| + | + | + | Tom-one-month (28 calendar days) (T+1) | 4.50 |
10 (For credit institutions in Moscow and Moscow Region), 3 (For credit institutions in other Region) | 100 | |||
| - | + | + | On call (T+0) | 4.50 | - | 100 | |||
| Auction-rate deposit operations (deposit auctions) | + | + | + |
One-week ( Share
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