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495 771-91-00, +7 495 621-64-65 (fax) Website www.cbr.ru All rights reserved. The views expressed in this Paper (these Papers) are solely those of

495 771-91-00, +7 495 621-64-65 (fax) Website: www.cbr.ru All rights reserved. The views expressed in this note are solely those of the authors

of our international reserves will remain at a stable level throughout the forecast period. We have set a benchmark for increasing reserves to $500 billion,

and households debt indicator on bank loans and issued debt securities; mandatory reserve requirements. The section Credit Institutions presents a review of the key indicators

495) 771-91-00, +7 (495) 621-64-65 (fax) Website www.cbr.ru All rights reserved. The views expressed in this note are solely those of the authors

10.2009 2.50 Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio Required reserve ratio on legal entities

increase in re- the competition of producers and suppliers of goods quired reserve ratios enabled the Bank of Russia to and services; large food supply;

licence and we are now considering the possibility of cutting the required reserve ratios for these banks’, she informed. ‘In collaboration with the banking community,

Perspectives,” Remarks at the conference on New Normal Monetary Policy, Feder- al Reserve Bank of San Francisco и полное игнорирование в заявлениях Председателя ЕЦБ Марио

495 771-91-00, +7 495 621-64-65 (fax) Website www.cbr.ru All rights reserved. The views expresses in this report are solely those of the authors