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of Russia's liquidity management system is required reserves. This instrument serves two purposes. Firstly, required reserves averaging enables credit institutions to build up a

Reserve Bank of New Zealand: Bulletin 69.1. s s n: 1174-7943. 38. Svensson, Lars E.O. (2020). Monetary Policy Strategies for the Federal Reserve.

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Federal Reserve + + + + +5 System Bank of Japan + - - + +6 Bank of Sweden + + + + -7 (Riksbank) Bank of Israel + +* + + - Bank of Canada + +8 + + - econ. Adv. Norges Bank + +* +* + - Reserve

Paper 2023 Work stream 2. The operational framework of monetary policy Required Reserves in the Bank of Russia Yatsyk, O., Kiyutsevskaya, A., Klepatsky, D. Analytical

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

better functioning of the mechanism of the BRICS Pool of Conventional Currency Reserves; • the next issue of the BRICS Economic Bulletin dedicated to the economic

errors in this document are the responsibility of the authors. All rights reserved. Reproduction is prohibited without the authors’ consent. Cover photo: Shutterstock / FOTODOM 12

Net acquisition of financial assets, including reserve assets Gas (right-hand scale) Coal (Australia) (right-hand scale) Financial account balance,* including reserve assets * ‘+’ denotes net lending and

is paid in the event of a negative result of investing pension reserves. The standard will become applicable 90 days after it is published on