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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

their end of 2007. To contain inflation and money sup- foreign loans. ply growth, it raised interest rates (in July for the The Bank of

institutions were com odologies, and tighten control over the quality of inspec plying with the requirements of the Federal Law on Coun tion reports. In

sup April 1, 2008 from 47.5% as of January 1, 2008 ply. As a result, the annualised M0 growth slowed and 52.6% as

Russian The high rates of overall growth in the money sup economy. ply stimulate the inflationary expectations, while Some food prices rose at particularly rapid

their attachments com In response to requests, the Bank of Russia issued ply with the requirements of federal laws and Bank of Letter No. 72

which comprises the most liq uid transactional components of the money sup ply, reflects the economic situation and liquidity preferences. In the second quarter of

absorb money sup economy’s de dollarisation and an increase in the ply to ease inflationary pressure. Operations with savings component of money supply along

11 percentage points on uid transactional components of the money sup 2005. ply, reflects the economic situation and liquidity The non cash component of the