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2004) The Historical and Recent Behavior of Goods and Services Inflation. Econ Pol Rev, 10(3): 19–31. 40. Перевышин Ю., Егоров Д. (2016). Влияние

declined by 0.2%). The a considerable inflationary pressure. As the fiscal pol- external economic environment was favourable, where- icy remained conservative, the decline in

2004) The Historical and Recent Behavior of Goods and Services Inflation. Econ Pol Rev, 10(3): 19-31 40. Perevyshin Yu, Egorov D (2016) Vliayanie obsherossiiskih

said function, the CBR ap- for Accounting in the Russian Federation Central plies a set of techniques and methods specified in Bank (Bank of Russia

participants view ruble softening risks amid the normalisation of Fed’s monetary pol- icy as well as risks of tightening sanctions against Russian sovereign debt

with legal entities (loans, investments in securities). Increased risk weights are ap- plied to loans to borrowers without sufficient FX revenues because such assets face

so, the central bank ap- sive growth drivers are exhausted and exter- plies all the available instruments and ensures nal factors fail to provide a

main negative contribution to veloped countries as the US Fed normalised its pol- GDP performance in 2016. Nevertheless, the decline icy (DXY went up by

as the growth of credit through individuals who have not previously ap- plied for loans (the survey limits this term to the previous five years

growth in money sup- In 2016, households stuck to the savings behaviour ply. Ruble-denominated claims of the Russian banking model. Therefore, household deposits were the