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Bank of Russia Monetary Policy 2. Main Indicators and Instruments 2. Main Indicators and Instruments of the Bank of Russia Monetary Policy Bank of Russia

oil market remain high. The revisions of the expected paths of monetary policy tightening by the US Federal Reserve and other central banks in developed

the analysis of the effectiveness of the Bank of Russia’s monetary policy operational procedure should take into account required reserves averaging periods. In December

9.9 10.1 10.2 10.1 Public Opinion Foundation (Monetary Policy Department next 12 months 4.6 2.1 4.4 5.4

1-11 December business survey. The survey covered 11,668 enterprises. 1 Monetary Policy Report, No. 4 (24), December 2018. 3 See Economy, No. 11 (35

such asset purchases must be provided for in the fund’s investment policy statement. The draft also provides for a gradual reduction in the cap

in monetary policy decision-making 3. National Bank of the Republic of Kazakhstan operations within the framework of monetary policy implementation 4. Monetary policy transmission mechanism

2014-2016. Thus, the analysis of previous lending booms suggests that proactive macroprudential policy may be the best possible response to credit growth in any segment

to account for demand after overproduction in previous Source: Rosstat. 1 Monetary Policy Report, No. 4 (24), December 2018. 2 Consumer price dynamics No. 12

2018 CONSUMER PRICE INDICES December 2018 No. 12 (186) 13 This material is prepared by the Monetary Policy Department Photo on the cover: Shutterstock.com