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of Russia’s monetary policy delivers on the task of maintaining price stability. The fund’s experts estimate the current monetary policy stance as moderately

VAT hike pass-through to prices has been mainly completed. 1 See Monetary Policy Report, No. 1 (25), March 2019, http://www.cbr.ru / Collection / Collection

month-on-month) (per cent change, month-on-month) This commentary is prepared by the Monetary Policy Department. Cover photo: Shutterstock.com. © Central Bank of the Russian Federation 2019

lending slowed down. To illustrate how fiscal policy and the Bank of Russia’s foreign exchange reserve management policy mesh with each other, Figure 3

all compulsory motor third-party liability insurance policy forms (OSAGO policy forms) to withdraw them, it has recognised these policy forms as lost. It is of

serve accumulation policies. DO STERILIZED FOREIGN EXCHANGE INTERVENTIONS CREATE MONEY? MAY 2019 20 References Aizenman, J., Chinn, M.D., Ito, H. (2015) ‘Monetary policy spillovers

monetary policy September 6 Board of Directors meeting on monetary policy March 22 Release of the Monetary Policy Report Release of the Monetary Policy Report

Russia forecast 6 released in the March issue of the Monetary 5 Policy Report,6 annual inflation will start to decline in 2019 Q2, and

the Accounts Chamber of the Russian Federation. ‘The Bank of Russia’s policy is aimed at delivering on strategic goals of raising the financial sector

remuneration 2 Rosstat revised the retail sales dynamics since 2016. 3 Monetary Policy Report, No. 1 (25), March 2019 (the Report 1/19). 4 The