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to nominal GDP)
DO STERILIZED FOREIGN EXCHANGE INTERVENTIONS CREATE MONEY? MAY 2019 18
5. Conclusions
The accumulation of foreign exchange reserves by a central bank
Region — 18 — 18 — 18 — 19
Lipetsk Region 1 17 1 17 1 16 1 18
Orel Region 3 19 3 16 3 16 3 18
Region — 18 — 19 — 20 — 20
Lipetsk Region 1 16 1 18 1 19 1 19
Orel Region 3 16 3 18 3 18 3 18
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948
24.03.2017
secured by non-marketable assets, auctions2
from 1 to 3 weeks3, 3 months, 18 months3
10.25
10.00
Lombard credit auctions2,3
36 months
10.