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January 2007 slightly decreased as compared with January 2006. The share of Rus sian deliveries in the total value of imports by EU member states

than in 2005, overall production of export volumes contributed to growth in Rus growth in the manufacturing sector slowed down sian exports. Growth in the

interest rates on its operations. The lower limit of the Bank of Rus sia interest rate band, set by the interest rate on deposit operations

with Bank of Rus tomers. In addition, the share of communications that sia regional branches. In October 2005, the Bank of Rus failed to pass

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