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other currencies, for instance, a reduction in the ratios of the required reserve fund related to banks’ liabilities in euros? ELVIRA NABIULLINA: You know it

Current and capital account balance 36 88 76 47 Financial account (excluding reserve assets) 53 50 29 18 Government and the central bank -1 -1

the previous month, exceeding 2%. usual depletion of last year’s harvest reserves. The rise in mortgage lending slowed down Prices for tourism services rose

a Mandatory Pension Insurance Reserve of a Non-governmental Pension Fund, for the Rate of Annual Allocations to the Mandatory Pension Insurance Reserve of a Non-governmental

Reserves Ratios (percent) Required reserve ratio Required reserve ratio Required reserve ratio No. 6 (337) Bank of Russia Statistical Bulletin Required reserve ratio Required reserve

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

Federal Reserve Board Comments, Q&A (10 min) 9:50 The Role of Expectations in Changed Inflation Dynamics Damjan Pfajfar*, John M. Roberts Federal Reserve

Short coffee break 14:40 Session 3 Agent-based models Chair: Sarat Dhal, Reserve Bank of India Macroprudential policy in an agent-based model of the UK

dated 20 October 2016,"On Accounting Required Reserves Deposited with the Bank of Russia by the Credit Institution’ Reserves" (registered with the Ministry of Justice

7% for TARGET2 (European Central Bank), 99.0% for FedWire (US Federal Reserve), and 99.95% for CHAPS (Bank of England). 8 The ratio of