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AO ALFA-BANK 1326 6 Sberbank 1481 7 CREDIT BANK OF MOSCOW 1978 8 Joint Stock Company Bank DOM.RF 2312 9 TBank 2673 10 Bank

SITUATION AND INFLATION ............................................................................................................................................................................................................................................................ 2 MONETARY CONDITIONS ................................................................................................................................................................................................................................................................................................................................................................................... 5 EXTERNAL ENVIRONMENT ....................................................................................................................................................................................................................................................................................................................................................................7 INFLATION RISKS ................................................................................................................................................................................................................................................................................................................................................................................................................................................ 8 CONCLUSIONS FOR MONETARY POLICY AND THE KEY RATE DECISION ........................................................................................................................................................................................................................................................................................................................................ 9 Summary of