The National Bank raised interest rates on bilateral swap transactions (national currency) from 11 to 13% on January 18, 2011. Appropriate decision was taken by Monetary Policy Committee of the National Bank on January 17. At the same time interest rates on other bank operations of current liquidity management remained unchanged.
According to the National Bank, the maximum rate of bilateral swap transactions was 22% per annum in June 2009. Then it gradually decreased — up to 16% in September 2010 and to 11% in November 2010.
According to statistics, bilateral swap deals were the main channel for the ruble liquidity to banks in late 2010. So, October turnover of bilateral swap transactions amounted to Br 6.3 trillion, in November — Br19.6 trillion, in December — Br10.4 trillion.
