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the previous year).
the Russian economy. The Bank of Russia exchange rate policy in 2011 re-
During the reporting period, the prices of most com-
used for elaborating the country’s macroeconomic policies, international requirements, an analytical presentation makes it
namely, foreign trade policy, foreign exchange regulation and possible to
Money market and policy rates, % 9
Chart 1.5. Number of inter-dealer repo market participants, units of organisations 9
Chart 1.6. Policy rates versus
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13.09.2012
of the monetary conditions tightening for the Russian economy. In making monetary policy decisions the Bank of Russia will rely on medium-term inflation goals and
for elaborating the country’s macroeconomic policies, analytical presentation of the balance of payments. In contrast
namely, foreign trade policy, foreign exchange regulation and to
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10.08.2012
observed tightening of monetary conditions on the Russian economy. In making monetary policy decisions the Bank of Russia will rely on medium-term inflation goals and
deposited with the Bank of Russia – one of major
instruments of monetary policy of the Bank of Russia, used for banking system liquidity
management. Required
for elaborating the country’s macroeconomic policies, (iv) goods exported/imported by migrants; (v) goods undeclared
namely, foreign trade policy, foreign exchange regulation and and
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13.07.2012
influence of global economic developments on the Russian economy. In making monetary policy decisions the Bank of Russia will rely on medium-term inflation goals and
conditions,
improved functioning of the monetary policy transmission mechanism, enhanced
efficiency of the central bank interest rate policy, macroprudential policies and systemic
risk minimisation.
The