In accordance with the recommendations of the International Monetary Fund, the European Bank for Reconstruction and Development, and the international consulting organization OG Research, starting from July 16, 2026, the Central Bank has introduced the practice of absorbing liquidity through 7-day repo auctions of the Central Bank, replacing the 7-day bonds of the Central Bank.
In this regard:
- the price of bonds used as the subject of purchase and sale at the Central Bank's repo auctions is calculated based on yield curve data;
- the requirement that the maturity date of a bond must fall at least 5 calendar days after the execution date of the second leg of the repo transaction has been abolished;
- the practice of restricting the circulation of bonds purchased by banks at repo auctions on the secondary market during the repo period has been abolished;
- the Central Bank conducts "fine-tuning" repo auctions in order to smooth out unexpected liquidity fluctuations in banks;
- a procedure for accounting of the issuance and circulation of Central Bank bonds has been introduced.
These changes will serve to manage excess liquidity in the banking system more effectively and to enhance the effectiveness of monetary policy transmission.
