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of the Report). Observed inflation (subgroup with savings) Observed inflation (subgroup without savings) The estimates of the balance of responses to Sources: InFOM, Bank of

of long-term unsecured loans (with maturities of over five years), and an easing of other credit policy terms by banks. The average DTI ratio of

Bank of Russia’s Board of Directors meeting as of 23.07.2021 19 Bank of Russia forecast – Balance of payments Current account, billions of