The Analysis of the Russian Money Market In the Wake of the Epidemiological Crisis

In March – the first decade of May 2020, amidst the acute phase of the epidemiological crisis the banking sector's need in liquid funds increased considerably. It was justified by growth in the money supply volume, credit institutions' correspondent account balances, as well as commercial banks' mandatory reserves. However, as the economic situation commenced to stabilize from the second decade of May and the uncertainties were clearing up, the liquidity surplus began to grow again. To stabilize further the market, the Central Bank of Russia supplemented the list of instruments of ruble liquidity provision to credit institutions with one-month and one-year REPO auctions, however, amid the recovery of the level of liquidity they are not much in demand yet