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guarantees, including through legal action. Furthermore, the bank’s highly risky credit policy resulted in a considerable amount of low-quality assets on the bank’s

Insurers (a so-called guarantee system). An insurer will have to register a policy holder’s transition to the guarantee system in its information system to

products: in life insurance, the average premium with the participation of a policy holder in the insurer's investment income grew more than 40% in

and developing countries registered an in- mies also started tightening their monetary policies crease from 4.4% to 4.8%. The global economy is ex-

have important implications for the design of monetary policy. For example, in one-sector models, optimal monetary policy involves stabilizing the aggregate price level, but research

part components have been steady and tended to rise of its monetary policy. in recent months. In July, core inflation stood at Cut-off date – 8

BANK OF RUSSIA MONETARY POLICY BANK OF RUSSIA №7 2. MAIN INDICATORS AND INSTRUMENTS OF THE BANK OF RUSSIA MONETARY POLICY (302) STATISTICAL 69 BULLETIN

The document also sets forth: • the insurer's obligation to inform the policy holder in cases a regular insurance contribution is late or only partially

No. 7 (181) PRICE INDICES 13 This information and analytical material is prepared by the Monetary Policy Department © Central Bank of the Russian Federation 2018

3 Monetary policy Reaction to inflation 0.6 Inflation target trg 5 Reaction to unemployment 0.5 Unemployment target utrg 5 Monetary policy rule intercept