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on consumer loans, the economy was shifting towards structural liquidity surplus and inflation slowed down. The 2016 Q4 data suggest that credit institutions did not

Inflation _________________________________________________________ 4 1.1.1. Temporary factors held back price growth to the level consistent with the inflation target ___________________________________________________________________ 4 1.1.2. Underlying inflation

the Bank of Russia’s website. of a respective currency, interest rates, inflation rate, derivatives’ prices, official statistical information, physical, biological and (or) Individual Indicators

aware, inflation for 2016 was record low at 5.4%, while annualised inflation for January slowed down to 5%. Our plans envision for inflation to

aware, inflation for 2016 was record low at 5.4%, while annualised inflation for January slowed down to 5%. Our plans envision for inflation to

more prolonged period of moderately tight monetary policy. Thus, growth of the inflation expectations was limited and they remained at the level seen in December

high. Inflation continues to decline in line with the Bank of Russia’s forecast, as this is partially attributed to Ruble appreciation. Analysts’ inflation forecasts

RUSSIA 11 PRESENTATION FOR INVESTORS Inflation is Slowing Down in Line with the Bank of Russia’s Forecast Inflation, % (YoY) Inflation, % (MoM SA) 25 25

and become sustainable. Inflation risks. Risks remain that inflation will be above the target level of 4% in 2017; having said that, inflation risks are

inflation, tapered off. As a result, inflation pressure was somewhat up, seasonality factored in, while annual inflation settled around 7.3% YoY. To put inflation