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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

income, and a tary conditions shaped by the Bank of Russia’s pol- gradual easing of lending conditions. However, the icy are helping to maintain

provides a brief review of main approaches to debt burden measurement ap- plied in the Bank of Russia. The first section provides an analysis of

contrary, during the most severe crisis phase a sharp transition of sup- ply fundamentals to a contractionary stance in 2009 and back to an expansionary

continue. In this situation, increased capital inflow may be observed, and macroprudential pol- icies to prevent the formation of ‘bubbles’ in certain markets may be

aid- 1.8 ed by some of the largest global central banks’ pol- 1.6 icies of keeping inflation close to target levels using 1.

to 30 days, 31 to 90 days, 91 to 180 days and plied in the interbank money market. 181 days to 1 year) in rubles

are high because of corrected expectations for the paces of BoR monetary pol- icy mitigation in the next months. This is accompanied by declining long

many positive factors supported by the cheap euro due to the expected pol- icy easing by the ECB and lower pressure on the economy exercised