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with the transition to inflation targeting — a crucial and very challenging milestone. Igor’s personal contribution to delivery on the 4% inflation target, the past

the inflation targeting regime employed by the Bank of Russia, one of the key tasks is to monitor short-term tendencies and isolate the consumer inflation

the Bank of Russia has been fighting inflation. Back in early 2015, inflation was about 17%. This high inflation put both our citizens’ welfare and

expectations are, having once grown, inflation expectations will resume to decline. This will ride on the performance of actual inflation. Inflation expectations tend to rise

inflation risks, inflation dynamics and economic developments against the forecast. In making its key rate decision, the Bank of Russia recognised the following factors. Inflation

expectations are, having once grown, inflation expectations will resume to decline. This will ride on the performance of actual inflation. Inflation expectations tend to rise

a formula with variables (except for interest rates and the rate of inflation). 13. To use the following types of credit ratings by JSC Expert

conduct operations with foreign currency. rate of a respective currency, interest rates, inflation rate, derivatives’ prices, official statistical information, physical, Individual Indicators Highlights biological and

crack down on inflation without damage to economic growth. Should inflation deviations occur, they should be limited and short-term. So ultimately inflation should come back

customers will have to further adjust to sustainably low inflation and positive real interest rates. Low inflation should result in higher competition among banks and