May 8, 2020 / 9:26 AM / a month ago

Russian to stop holding COBR auctions from May 12

MOSCOW, May 8 (Reuters) - Russia’s central bank said on Friday it would stop holding auctions for its rouble-denominated bonds, so-called COBRs, from May 12 amid a lower liquidity surplus in the banking sector.

The central bank said this would give it greater flexibility in absorbing liquidity through its main operations, weekly deposit auctions.

The central bank also said it would make a decision on resuming issuance of COBRs, the bonds used by banks to park excessive rouble liquidity, after studying the development of the situation on the market.

Reporting by Elena Fabrichnaya and Alexander Marrow; editing by Andrey Ostroukh

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