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database; internal reporting of credit institutions on operational risk; credit institutions’ IT policy; and additional requirements for the capital needed to cover losses from materialisation

ELVIRA NABIULLINA: I think the monetary policy questions are over. Nevertheless, this is a really important question of our policy. We are taking measures to

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

Monetary Policy 2. The Bank of Russia Balance Sheet. 2. The Bank of Russia Balance Sheet. Instruments of the Bank of Russia Monetary Policy Bank

6 -3.0 -2.7 -3.6 Bank of Russia standard monetary policy instruments Bank of Russia claims on credit institutions 1.3 0.0

to svc_analysis@cbr.ru. This commentary is prepared by the Monetary Policy Department. Cover photo: Shutterstock.com. 12 Neglinnaya Street, Moscow 107016 Bank of

to svc_analysis@cbr.ru. This commentary is prepared by the Monetary Policy Department. Cover photo: Shutterstock.com. 12 Neglinnaya Street, Moscow 107016 Bank of

contain the requested data. The Bank of Russia plans to apply this policy to all other licensed activities in the financial market. Preview photo: Alex

be comprehended by market players and regulators – response of central banks’ monetary policies to these events, changes in traditional financial intermediaries’ business models and the

2018. But the changing external conditions and plans for tax policy changes slowed monetary policy normalization and made it necessary to tighten its monetary stance