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amendments to Federal Law No. Stabilisation Fund) and the accounts of the Rus
210 FZ, dated December 30, 2004, “On the Prin sian Government with
from 38.6% as of Stabilisation Fund and the accounts of the Rus
January 1, 2006, to 37.9% as of April 1, 2006) con
and third quarters of 2005,
imposed in September 2005 by the leading Rus which may provoke price growth over a longer
sian oil companies on
supply is im
crease in food prices as a whole. Since 2004, Rus portant to achieve the desired level of core infla
sia has introduced
in Rus
2004, to 10.3% as of January 1, 2005 (see Chart 1.11). sia by leading ratings agencies. After Moody’s gave Rus
high demand the interest rate band in line with the Bank of Rus
by credit institutions. sia interest rate policy was basically unchanged in
As
the same in all the federal districts.
between constituent members of the Rus In 2004, the rates of growth in the
sian Federation with respect
the Rus
risk, held in May 2003. The Bank of Russia organised for sian banking system in this area. In addition, Bank of Rus
the
by Russia led
to a rise in exports and growth in the Rus
sian trade surplus.
In 2004 H1, Russian exports increased
25.1% year
2, 0
Banks ’ own funds and profits
Loans from the Bank of Rus sia
Corres pondent accounts and other accounts of credit institution s
Interbank