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Granulated sugar prices registered a sharp ment towards achieving the 2006 monetary policy increase at the beginning of 2006: they grew target (8.5%). 10.

2006 Q1. As a result, foreign currency sup mestic market amid the policy of restricting the ply exceeded demand on the domestic foreign appreciation of

sterilising role of the stabilisation factors controlled by the Bank of Russia policy. fund increased, the role of the Bank of Russia in At the

Bank growth of inflation accelerated in January Sep of Russia’s monetary policy. Nevertheless, mon tember 2005 due to the rise in energy prices. etary

1. Macroeconomic developments hold income growth and the government’s moderate spending policy brought about a rise in the federal bud Russia continued to enjoy

with the previous year. policy aimed to restrain the expansion of the mon The Bank of Russia’s exchange rate policy etary base and absorb

in paid service prices regulated at federal and re The exchange rate policy pursued by the gional levels adversely impacted Q1 consumer price Bank of

on inflation. policy pursued by the Bank of Russia, and Given a relatively high share of imports also the government’s budget policy to in

price volatility for this product, which is due to changes in customs policy and instability of world market demand. Meat and poultry prices rose by

few years. The Bank of Russia is resolved to consistently implement its policy of openness and inform the public about modern day trends and problems