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Operations

Deposit Operations   Lending Operations

Bank of Russia deposit and credit operations on MICEX consist of deposit and credit transactions made by the Bank of Russia with credit organizations – residents of the Russian Federation – through the ZAO MICEX Electronic Trading System.

Deposit Operations

Deposit operations enable credit organizations to place deposits with the Bank of Russia on an auction basis (“American” or “Dutch” auction) or on standard terms at fixed interest rates. Deposit transactions between a credit organization and the Bank of Russia are made by entering the credit organization’s order and the Bank of Russia’s counter order in the ZAO MICEX Trading System.

During a deposit auction, credit organizations have the opportunity to submit competing orders (indicating the interest rate at which the credit organization is prepared to place its funds on deposit with the Bank of Russia) and non-competing orders (executed at the average weighted interest rate calculated by the Bank of Russia based on the results of the respective deposit auction).

To make deposit transactions at fixed interest rates, credit organizations enter their fixing orders indicating the interest rates established by the Bank of Russia for this type of deposit into the MICEX Trading System. The Bank of Russia determines the conditions for holding deposit auctions and deposit operations on standard terms at fixed interest rates, such as the deposit periods, date and time of operation, minimum deposit amounts, auction method, percentage of non-competing orders at the auction, etc.

Settlements on deposit transactions executed on the MICEX Trading System are performed through the bank accounts opened by credit organizations with the following Settlement Centers of the Organized Securities Market (SC OSM):

  • Moscow Interbank Currency Exchange Settlement House (Moscow);
  • St. Petersburg Settlement Center (St. Petersburg);
  • Siberian Settlement House (Novosibirsk);
  • Nizhegorodskiy Settlement Center (Nizhny Novgorod);
  • The Rostov-on-Don Branch of the MICEX SH (Rostov-on-Don);
  • Ural Regional Currency Exchange Settlement House (Yekaterinburg);
  • The Primorskiy Branch of the MICEX SH (Vladivostok);
  • Samara Interbank Currency Exchange Settlement House (Samara).

Making deposit transactions with the Bank of Russia does not require prior reservation of funds with SC OSM.

Based on the results of the concluded deposit transactions, the credit organization transfers the amount of the deposit from its SC OSM bank account to the deposit account with the Bank of Russia in accordance with the payment details specified in the transaction register. The amount of the deposit plus accrued interest is returned to the credit organization’s SC OSM account by the Bank of Russia.