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increased global economic uncertainty and it is neutral in terms of monetary policy stance. The cut in the rouble rate on the FX swap transactions

of liquidity forecasting and management. Therefore, it should contribute to greater monetary policy effectiveness. The reference to the Press Service is mandatory if you intend

of Russia will continue to monitor inflation risks and in making monetary policy decisions will rely on medium-term economic growth prospects, inflation forecasts and the

policy decisions will rely on medium-term inflation forecasts and the dynamics of inflation expectations. The next meeting of the Board of Directors on monetary policy

raise the efficiency of its interest rate policy, as it made changes to the system of mon- etary policy instruments. From April 10, 2012, the

Bank of Russia relies on the medium-term inflation forecasts in making monetary policy decisions. The dynamics of the main macroeconomic indicators in January showed that

of this effect and relies on medium-term inflation forecasts in making monetary policy decisions. Meanwhile, the ruble appreciation observed in January may have some disinflationary

consider monetary policy is scheduled for the last ten days of December 2011. 2011 Q4 26 Bank of Russia press releases on monetary policy measures

of monetary policy stance. It should contribute to restraining money market rates volatility and strengthening of the interest rate channel of monetary policy transmission to

policy Targets of the monetary policy Using questionnaires in the monetary policy Selecting monetary policy benchmarks Implementing the monetary policy: the system of monetary policy