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grew by 83.8% to 67.1 billion rubles. In 2018, insurance reserves increased by 26% to exceed 1.8 trillion rubles as of 1

to the diminishing likeli- hood of monetary policy tightening by the Federal Reserve and ECB. o Fueled by the VAT hike and transient factors, inflation

bn, lhs Reserves, $bn, rhs (2017, %) External Debt / GDP Public Debt / GDP 800 Reserves/GDP = 29.7% Russia: 636.4 360% 700 Reserves cover 10.

of the expected paths of monetary policy tightening by the US Federal Reserve and other central banks in developed markets reduce the risks of persistent

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

management of reserve assets in foreign currency and gold) and on the website of the Bank of Russia (data on Russia’s international reserves). Please

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

management of reserve assets in foreign currency and gold) and on the website of the Bank of Russia (data on Russia’s international reserves). Please

management of reserve assets in foreign currency and gold) and on the website of the Bank of Russia (data on Russia’s international reserves). Please

management of reserve assets in foreign currency and gold) and on the website of the Bank of Russia (data on Russia’s international reserves). Please