March 9 was the Association Council on monetary policy and financial regulation.  During the meeting it was discussed the operation of the Bank of Russia on banking sector liquidity in the conditions of reduction of the structural liquidity shortage. Meeting was chaired by the chairman of the State Duma Committee on Economic Policy, the President of the Association of Regional Banks of Russia Anatoly Aksakov. Presentations were made by the expert Vyacheslav Morgunov, an expert of "Deutsche Bank" Pavel Pikulev, Deputy Director of the monetary policy of the Bank of Russia Alexander Polonsky. Experts pointed out that the Russian banking sector is moving to a structural surplus of liquidity. According to preliminary estimates, in the third quarter of 2016 the structural surplus liquidity deficit will be replaced. The structural liquidity surplus will create problems for the management of short-term interest rates and inflation. During the meeting, suggestions were made to deal with the transformation of liquidity deficit into a surplus.