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a topical issue. levy was also applied to borrowings of non-bank fi-
Direct investments traditionally remain the least nancial institutions if their outstanding debt as
higher demand for foreign assets among Russian
inflation components
companies. The non-banking sector expanded
its foreign assets, primarily in the form of direct In October-November
suggest that more than half of investment in Russian bond funds
this February were made by global and regional investment funds (Figure 66). It confirms