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of banks’ required reserves with the Bank of Russia -0.1 0.7 0.0 0.7 2. Change in free bank reserves (correspondent accounts

495 771-91-00, +7 495 621-64-65 (fax) Website: www.cbr.ru All rights reserved. The views expressed in this paper are solely those of the authors

more likely on a short-term horizon. Some industries, however, have import substitution reserves available. Earlier surveys of Russian industrial enterprises systematically showed an overall low

recovery. Returns on investment of NPFs’ funds (both pension savings and pension reserves) for Q2 exceeded those of Q1, ensuring a positive result for the

Funds’ Pension Reserves Generation (millions of rubles) 4. Financial Institutions’ Performance Pension reserves Pension contributions, Earmarked receipts Pension reserves Payouts made Pension reserves at the

signal. We have just removed the direction signal. In doing so, we reserve the option of giving more directional signals if necessary. Since we are

members Bank of Russia Advisory Board members and external reviewers. All rights reserved. The views expressed in this report are solely those of the authors

of banks’ required reserves with the Bank of Russia -0.1 0.7 0.0 0.7 2. Change in free bank reserves (correspondent accounts

Funds’ Pension Reserves Generation (millions of rubles) 4. Financial Institutions’ Performance Pension reserves Pension contributions, Earmarked receipts Pension reserves Payouts made Pension reserves at the