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key rate path than forecast in July. Over the medium-term horizon, the balance of inflation risks is still significantly tilted to the upside. The key

is based on interest rates and yields in the key market segments, influencing each other (the key rate has a direct effect on short-term money

made for them. Accrued interest receivable/ The Bank of Russia key rate (hereinafter, the key rate) is an payable is included in related type of

development of the payment services market in 2023.................................................................................................. 4 1.1.2. Key changes in the NPS regulation............................................................................................................ 9 1.2. Oversight in the National

in Moscow. The participants in the meeting adopted a statement on the key areas of cooperation: • the BRICS Contingent Reserve Arrangement and the development of

the situation in the key segments of the financial market, including those that have occurred under the impact of the key rate decisions, without the

gender aspect ................................................................... 9 2.4. Other specific factors .................................................................................................. 10 3. DATA AND KEY VARIABLES DESCRIPTION .......................................................... 10 3.1. Dependent variables: probability of savings ............................................................... 11 3.

as the entry of companies into the equity market and crowdfunding. The key tasks include improving the risk-based banking regulation of SME lending and developing

INFLATION RISKS ............................................................................................................................................................................................................................................................................................................................................................................................................................................... 8 CONCLUSIONS FOR MONETARY POLICY AND THE KEY RATE DECISION ....................................................................................................................................................................................................................................................................................................................................... 9 Summary of the Key Rate Discussion 2 ECONOMIC SITUATION AND INFLATION MAIN

since the July meeting, following the key rate increase, a tougher signal, and a higher forecast path of the key rate in the Bank of