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the banking sys- tem also contributed to the growth of money sup- ply. Over 2011, they increased by 2.2 trillion ru- bles (1.1

a need to com- Makers to the Central Catalogue of Credit Histories ply with changes in federal laws and Bank of Russia and Information Being

rupee or Ukrai- nian hryvnia against the US dollar, nor of the Pol- ish zloty or a number of other European currencies tightly pegged to

Indian rupee against the US dollar. Likewise, the exchange rates of the Pol- ish zloty, Swiss franc and some European currencies tightly pegged to the

annual rates of growth in money sup- economy demonstrated gradual recovery from ply (M2) increased relatively quickly and stayed the global financial and economic crisis.

density levels were regis as entirely positive, because banks that pursue such pol tered in St Petersburg and the Novosibirsk and Kalinin icies accumulate interest

aggregates..................................................................................................................... 24 Statistical Addendum.................................................................................................. 27 Introduction The Russian economy was gradually recover- ply growth may eventually form a steady positive ing in January-March 2010 after

that they com decision known by publishing it in printed media), and ply with Bank of Russia requirements. The implemen restricted creditors’ right to demand

behind tightening credit sup- weakening of the ruble in January 2009. Credit ply as banks were forced to act carefully due to aggregates contracted in

of 2008 was accompanied by the The principal objectives of the monetary pol- escalation of the devaluation expectations, which icy in this situation are to