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the initiative. The digital ruble, a pilot project, is due to start early next year. We have discussed the digital ruble model with the market

217. Kwapil, C. and Scharler, J. 2010. Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability. Journal of International Money and Finance. 29, 236–51.

was up to 244 billion rubles in August, from 229 billion rubles in July. Profit totalled 1.7 trillion rubles for the first eight months.

2021, the Court of Arbitration of the City of Moscow issued a ruling on the forced liquidation of the Bank. The State Corporation Deposit Insurance

rubles of units of rubles of units of rubles of units of rubles of units of rubles of units of rubles of units of rubles

and scenario analysis), and that implies more than just following previously established rules. As the world is changing rapidly, what worked yesterday might no longer

of funds, but no more than a total of 1.4 million rubles per depositor (including interest accrued), taking into account the conditions stipulated by

Capital Invest with the best bid of 14,000,000,013.13 rubles. Based on the purchase and sale agreement related to the Bank’s

Jun-20 Aug-20 Corporate loans (excluding currency revaluation) Ruble retail loans Ruble corporate loans Ruble loans to non-financial organisations Ruble retail loans Source: Bank of Russia

of the monitoring of the maximum interest rates on deposits1 in Russian rubles of the top ten credit institutions,2 attracting the largest amount of