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epidemiological situation and its impact on economic activity. 23 Adjusted loan loss reserves. TALKING TRENDS № 6 / OCTOBER 2020 36 The weakening of national currencies and

GDP, movements over the year, rhs Financial account balance net of international reserves *‘+’ denotes net lending and ‘-’ denotes net borrowing. Source: Bank of Russia 15

in the oil price. Overall, Russia’s international reserves expanded in 2020 Q3: the decrease in the reserves through transactions recognised in the balance of

probably mean required reserve funds. We are not going to introduce any changes in this area. The increased rate for required reserve funds in foreign

and capital account balance 65 33 32 18 30 Financial account (excluding reserve assets) -4 49 30 17 11 Government and the central bank -23

December 2019, ‘On the Requirements for the Composition and Structure of Pension Reserves’ (becomes effective from 1 January 2021 except for the provisions for which

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

and L. Ohanian (2001): “Are Phillips Curves Useful for Forecasting Inflation?” Federal Reserve Bank of Minnesota Quarterly Review, 25, 2–11. Burstein, A. and G.