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ruble’s gains positions, as devaluation expectations on the Rus against the dollar were unprecedented since Rus sian foreign exchange market increased a little sia

The Central Bank of the Russian Federation K OF THE RUS N SI A AN NTRAL B F EDERA CE TI E O TH N

a major and reliable In the period under review, the Bank of Rus source of information for all economic agents, sia continued to take steps

of Rus spondent accounts. sia on paper, contracted from 26.2% to 18.4% of The number of customers of the Bank of Rus the

2 230 Table 42 BA NK OF RUS S I A S T A KE S I N RUS S I A N A ND

the Central Bank of the Rus exchange reserves are grouped into operating and sian Federation (Bank of Russia).” Bank of Rus investment portfolios. The operating

Within this group of coun- tries, the proportions of major importers of Rus- sian goods, such as the Netherlands, Germany and Italy, increased, while Poland

and agricultural product prices. Declining economic growth rates in countries trading with Rus- sia also facilitated lower inflationary pressures in Q4. In 2011, the accelerated

which fell by 25.2 % current trends continue and no shocks occur, Rus over this period (in January-September 2010, sia will keep inflation within the

Rus- volvement of the Bank of Russia staff was discussed, sia issued a number of guidelines for banks which international experts expressed satisfaction with Rus-