Russian cenbank says will hold “fine-tuning” repo auction on Friday

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FILE PHOTO: A Russian state flag flies over the Central Bank headquarters in Moscow

MOSCOW – The Russian central bank on Thursday said it would hold a “fine-tuning” repo auction on Feb. 25 with a limit of 2 trillion roubles ($23.03 billion), as it works to maintain stability on financial markets and support banking sector liquidity.

Repo, or repurchase agreement, auctions are designed to increase banks’ capacity to manage their liquidity, which the central bank said was currently sufficient. It sold 874 billion roubles at an earlier repo auction on Thursday.

($1 = 86.8370 roubles)

(Reporting by Andrey Ostroukh; Writing by Alexander Marrow; Editing by Alison Williams)