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way. Second. Our reserve replenishment policy. Our strategy remains: when favourable conditions arise we will be able to replenish our foreign currency reserves to boost

s international reserves and FX interventions Source: Bloomberg Finance L.P. Sources: Bloomberg Finance L.P., R&F Department calculations. China’s international reserves fell

0%. 105 6.2 Central Bank The amount of reserve requirements (required reserve ratio, required reserve averaging ratio) and the procedure for credit Articles 35

partially absorb the liquidity inflow from financing federal budget deficit from the Reserve Fund. In addition, the OFZ sales may help increase liquidity and depth

2005 2007 2009 2011 2013 2015 Source: University of Michigan. Source: Federal Reserve Bank of St. Louis. Eurozone: temporarily upbeat statistics The meeting of the

government accounts with the CBR and other items net Change in required reserve accounts with the CBR CBR operations on the domestic FX market CBR

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

no longer a risk factor. Banks were able to build up appropriate reserves against bad loans. The rates of lending to the economy are consistent

no longer a risk factor. Banks were able to build up appropriate reserves against bad loans. The rates of lending to the economy are consistent

have been taken from the Reserve Fund. In December it will about 1 trln will be taken from the Reserve Fund In July the Government