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measures implemented by the Bank of Russia Against the background of lowering inflation and deposit rates, the effective interest rate of all types of consumer

in the Republic of Tajikistan Open market operations Transition from monetary to inflation targeting regime 23 General Principles of Microfinancial Institutions and Credit Unions Activity

Change against 3MMA: - Inflation expectations become better (more than 1 standard deviation) - Inflation expectations become better (less than 1 standard deviation) - Inflation expectations unchanged (±0,

will cause a slight acceleration in Amid the consistent slowdown in inflation, inflation annual inflation and bring it closer to 4% without expectations continued to

of inflation in the last year dropped further, hitting fresh historical lows. As inflation becomes increasingly anchored at 4%, conditions will emerge for households’ inflation

interest rates, % Figure 6. Household inflation expectations, % 7 RUONIA minus current inflation Observed inflation Expected inflation RUONIA minus 12m ahead inflation forecast 30 6 28

inflation). We are slowly becoming accustomed to low inflation. This is evidenced by recent surveys. In this way, there was no downward movement in inflation

annual inflation indicators reflecting the most sustainable price movements are somewhat below 4%. The slowdown of inflation was conducive to a decline in inflation expectations,

inflation). We are slowly becoming accustomed to low inflation. This is evidenced by recent surveys. In this way, there was no downward movement in inflation

for actual household household Bloomberg actual household household Bloomberg inflation inflation inflation consensus inflation inflation inflation consensus expectations expectations forecast expectations expectations forecast for the