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in correspondent accounts than it was needed for uniform averaging of required reserves. During this period, demand in the money market was low and the

International Reserves of the Russian Federation*.......................................................................................................................... 16 1.8. International Reserves and Foreign Currency Liquidity — Russia................................................................................................... 17 1.9. International Reserves Adequacy (International Reserves in

errors in this material are solely those of the author. All rights reserved. Any reproduction is permitted only with the author’s consent. Cover photo:

23, p. 2015). Washington, DC: Board of the Governors of the Federal Reserve System. 47 QUIET: индикатор инфляционных ожиданий домохозяйств России и ее регионов на

the ‘Labor Reserves’ coin (Catalogue No. 5015-0083) features a coloured image of the symbols of All-Russian Physical Culture and Sports Society Labor Reserves. The mintage

errors in this material are the responsibility of the author. All rights reserved. The materials presented herein may only be reproduced upon the author’s