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instruments (auctions and standing facilities to provide and absorb liquidity, and required reserves). The system of monetary policy instruments takes into account the specifics of

instruments (auctions and standing facilities to provide and absorb liquidity, and required reserves). The studies and consultations with market participants within the Monetary Policy Review

the opportunity to use a part of its international reserves in the world’s main reserve currencies in order to mitigate risks to financial stability.

Bank of Russia below the level required for even averaging of required reserves (RRs). To this end, at the beginning of the July averaging period

2025 2026 2027 2028 Foreign assets (excluding reserves) Foreign liabilities Change in reserves Financial account balance (including reserves) *In the balance item, ‘–’ denotes net borrowing

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

or current terms of credit institution’s activities (e.g., clients’ funds reserved for conducting FX buy/sell transactions, clients’ funds in incomplete settlement transactions,

meeting on 6 June did not noticeably affect banks’ strategies for required reserves (RRs) averaging. The demand for the Bank of Russia’s standing lending

excluding reserve assets 57 53 42 34 35 Net incurrence of liabilities 10 6 5 4 5 Net acquisition of financial assets, excluding reserve assets

of Inflation Persistent? Evidence from a Novel Decomposition of PCE Inflation. Federal Reserve Bank of Boston Current Policy Perspectives. November 4, 2022. 7 TALKING TRENDS