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2012. management mechanisms and regulating credit
The fourth variant of the programme en- institutions’ activities.
visages an increase of almost 2 trillion roubles The Bank
the ruble ex
Bank of Russia managed for the first time to en change rate. Although the volume of the absorbed
sure that the actual
pay special attention to the at gradually reducing the budget deficit and en-
timely identification and assessment of bank suring long-term equilibrium and the
cases,
to 105.6 trillion yen in 2001 from 106.5 trillion the changes took place amid an economic reces
yen in 2000. As a
2000 declined to 7.4 trillion yen from 7.9 tril
WORLD TRADE AND CAPITAL FLOW. IMF esti lion yen a year earlier. However, as
2% of GDP) after a surplus of 108.8 trillion yen against 105.6 trillion yen in
$92.3 billion (0.9% of GDP) in
with the monetary as against 16.8% in 2003. Growth in world en
policy in the short term. These are, above all, the ergy prices
against 7.5% a year earlier.
(113.1%). Communications fees for corporate en-
Freight transportation charges fell by tities grew by 1.0 % in January-March
Q4
8
Inflation Dynamics
sus the growth of import prices, with global en- by a high level of commercial oil reserves in the
ergy prices
into the United States.
In January-September 2011, the Swiss franc, the Japanese yen, and also the Czech koruna strengthened
against the US dollar and the