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year by 14.5%. Throughout the year, the Bank of Russia’s policies were focused on the protection of borrowers’ and investors’ interests in the

us to address these challenges’. According to Elvira Nabiullina, as regards monetary policy, the Bank of Russia, following the principles of inflation targeting regime, sought

gradually descending inflation expectations, driven by, inter alia, the moderately tight monetary policy. Meanwhile, the factors, which are likely to have a temporary impact, have

to the creditors’ and depositors’ interests. OJSC BANK MBFI implemented high-risk lending policy and did not create loan loss provisions adequate to the risks assumed.

a quite one-to-one correlation between fiscal and monetary policies: the tougher fiscal policy, the softer potential monetary policy. And vice versa. So we welcome the

a quite one-to-one correlation between fiscal and monetary policies: the tougher fiscal policy, the softer potential monetary policy. And vice versa. So we welcome the

to the creditors’ and depositors’ interests. JSC JSCB Stella-Bank implemented high-risk lending policy and failed to create loan loss provisions adequate to the risks assumed.

BANK OF RUSSIA MONETARY POLICY BANK OF RUSSIA No. 3 2. MAIN INDICATORS AND INSTRUMENTS OF THE BANK OF RUSSIA MONETARY POLICY (274) STATISTICAL 67

Russian Federation (Bank of Russia)’. OCEAN BANK JSC implemented a high-risk lending policy connected with the placement of funds in low-quality assets. Besides, the bank

literacy – promotion Causes and consequences of the Bank of Russia’s monetary policy decisions of financial services consumerism with the view of mitigating household purchasing