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of banks’ required reserves with the Bank of Russia -0.1 0 0.0 -0.1 2. Change in free bank reserves (correspondent accounts)*** (demand

Reserves Ratios (percent) Required reserve ratio Required reserve ratio Required reserve ratio No. 3 (334) Bank of Russia Statistical Bulletin Required reserve ratio Required reserve

Annual return on investments of pension reserves was 5.8%. Investment results for both pension savings and pension reserves were worse than in 2019 due

i.e. they qualified as instruments for investing pension savings and insurance reserves of a non-governmental pension fund over the period under consideration. Such transactions

of Russia ordinance, which stipulates the easing of the regulation of stabilisation reserve for several accounting groups. This will expand capital formation opportunities for insurance

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

M. (2008). «Does natural rate variation matter? Evidence from New Zealand». В: Reserve Bank of New Zealand Discussion Paper Series. Laxton, J., I. Ermolaev, C.

central banks include: • US Federal Reserve System (Fed) – A target for an interest rate at which depository institutions lend reserve balances to other depository institutions

regulation of banks’ required reserves with the Bank of Russia -0.1 0 0 -0.1 2. Change in free bank reserves (correspondent accounts)*** (demand

order of 22% per year was sufficient, with nominal returns on the reserves of value in local currency, below it. The second element is the