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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

account balance 115 88 58 50 106 114 104 Financial account (excluding reserve assets) 83 29 13 9 31 31 25 1 Using the methodology

Russia Regulation No. 507-P, Dated 1 December 2015, ‘On Credit Institutions’ Required Reserves’ (becomes effective on the date of its official publication; posted on the

into the accumulation of foreign exchange reserves. Among other things, we have clarified the accumulation of foreign exchange reserves as well. I stress once again:

495 771-91-00, +7 495 621-64-65 (fax) Website www.cbr.ru All rights reserved. This note expresses the authors’ personal opinions and does not necessarily reflect

account balance 115 88 58 50 106 114 104 Financial account (excluding reserve assets) 83 29 13 9 31 31 25 Government and the central

into the accumulation of foreign exchange reserves. Among other things, we have clarified the accumulation of foreign exchange reserves as well. I stress once again:

3 68 Required Reserves Ratios (percent) Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio on