Rates Weekly - October 29, 2019
> Ruble liquidity: O/N interbank rate to fall amid ample liquidity as reserves period ends. Last week, demand for ruble liquidity was very low due to expectations of a CBR rate cut, and O/N rates fell. But after the cut, the situation changed, and rates surged due to high tax-related liquidity outflows. Still, the upcoming liquidity inflows will be much larger, pushing O/N rates significantly lower before the end of the reserves averaging period. We therefore expect the CBR to conduct a fine-tuning deposit auction this Friday.
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