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its consequences. The next meeting of the Board of Directors on monetary policy issues is planned to be held in the last decade of December

economic activity. Since the previous meeting the Board of Directors on monetary policy issues the pace of inflation continued to decrease and as of 24

fiscal policy and the tense situation in financial markets. In many developing countries, the task to curb inflation has required the tightening of monetary policy.

billion in 2009 to $35.3 billion Bank of Russia’s monetary policy aimed to support and in 2010. This was mainly a result of

recent domestic and international macroeconomic developments and the effect of the monetary policy measures, implemented in recent months, the Bank of Russia judged that the

current domestic and external economic conditions and the effect of the monetary policy measures, implemented in recent months, the Bank of Russia judged that the

current domestic and external economic conditions and the effect of the monetary policy measures, implemented in recent months, the Bank of Russia judged that the

aggregates................................................................................................................ 23 Credit aggregates..................................................................................................................... 25 Bank of Russia press releases on monetary policy measures . in April-August 2011.................................................................................................... 27 Statistical Addendum.................................................................................................. 30 Introduction The Russian economy

information on factors affecting banking sector liquidity in order to promote monetary policy transparency. The graph presenting this information will be published weekly (on Fridays

aggregates ............................................................................................................... 20 Credit aggregates .................................................................................................................... 22 Bank of Russia press releases on monetary policy measures . in January-April 2011.................................................................................................. 26 Statistical Addendum.................................................................................................. 31 Introduction In January-March 2011,