OREANDA-NEWS. February 25, 2009. The Bank of Russia has changed the terms for performing direct repo operations on an auction basis and decided to set minimal intraday and weekly repo rates to improve bank liquidity management. “As part of the work performed to improve the bank liquidity regulation mechanism by the Bank of Russia… amendments have been made to the procedure for performing direct repo operations on an auction basis”, the regulator said in a press release.

Previously, the board of directors of the Bank of Russia set the minimal rate. At present, there is no need to hold a board meeting in order to set the rate. Since February 24, 2009, CBR has been setting the minimal rate at direct repo auctions on a weekly basis. In addition, effective March 3, 2009, the Bank of Russia will set the maximum amount of funds to be provided at a direct repo auction on a weekly basis.