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excluding reserve assets 57 51 41 30 29 Net incurrence of liabilities 9 1 5 6 7 Net acquisition of financial assets, excluding reserve assets

vs 17 bp in August). Until the end of the August required reserves (RR) averaging period (AP),1 the spread between money market rates and

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

The discussants noted that the expected losses on loans were covered by reserves and banks’ capital buffers were sufficient. Summary of the Key Rate Discussion

The discussants noted that the expected losses on loans were covered by reserves and banks’ capital buffers were sufficient. External environment Main facts According to

10 changes in interest rates; the amount of required reserves (the required reserve ratios, the required reserve averaging ratio); (the Paragraph as amended by Federal

its powers to own, use and manage its property, including its international reserves, in compliance with the purposes and according to the procedure established by

much of August. As a rule, banks tend to perform the required reserves (RR) averaging with a considerable lag during those averaging periods (AP) when

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

we know, the State Duma recently approved an additional allocation from the Reserve Fund in the amount of more than Р100 billion to support subsidised