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the money sup$ the real value of their liquid assets. In addition,
ply at the beginning of the year. Overall, from the highly liquid part
the monetary authorities’ money sup- Bank of Russia net foreign exchange purchas-
ply, expanded by 10.2% in January-September es on the domestic foreign exchange
rouble sup
not return to its pre crisis level. The number of ply remained quite high throughout the year un
employed in the economy edged
Russia will also use the instru- nomic forecasting and analysis of monetary pol-
ments of monetary regulation for the purpose icy measures, and will upgrade
money sup hold sectors in 2003 fell by 2.7 percentage points
ply including foreign currency deposits expanded and 2.2 percentage points respectively.
more
as well of this fact, the Bank of Russia’s interest rate pol-
as the instruments and conditions for achieving icy begins to play a
relative to corresponding period of previous year
Consumer prices on annualised basis
ply of foreign exchange and the demand for it, The analysis of the
money sup loans to the real sector in rubles and in foreign
ply without creating an immediate threat of in currency in 2000 were 30
obvious interconnection between money sup public. Growth in service prices accounted for
ply and inflation. 38.9% of the overall price growth on the con
in the money sup in lending to the real sector. The establishment
ply. Since the possibilities of using the sterilisation of the deposit insurance system