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2016 Review 2. BANK OF RUSSIA MACROPRUDENTIAL POLICY 2.1. Experience of implementing macroprudential policy, i.e. the policy aimed at maintaining the financial system

allow the banking sector to timely plan its capital management including the policy of dividends and compensations. The countercyclical capital buffer has been applied since

monetary policy in the forthcoming years. The ECB is expected to extend its quantitative easing programme. In addition, the regulator is insisting on fiscal policy

of inflation expectation lies at the heart of the moderately tight monetary policy. The year-end saw a seasonal pickup in concern about prices of fruits

of the Russian Federation (Bank of Russia)’. JSC Vologdabank implemented high-risk lending policy connected with placement of funds into low-quality assets. In addition, the credit

the interests of creditors and depositors. PJSC IDEYA Bank implemented high-risk lending policy and did not create loan loss provisions adequate to the risks assumed.

taken charge of monetary policy. Could you please clarify if you are going to have a deputy governor to supervise monetary policy issues with you?

taken charge of monetary policy. Could you please clarify if you are going to have a deputy governor to supervise monetary policy issues with you?

remains unstable. Given this decision and considering that the moderately tight monetary policy is maintained, inflation will slow to the 4% target in late 2017.

63 2. MAIN INDICATORS AND INSTRUMENTS OF THE BANK OF RUSSIA MONETARY POLICY 2.1 The Bank of Russia Balance Sheet ...................................................................................................................................... 64 2.2 The