Russian Financial Sector Update

Bank of Russia BANK OF RUSSIA: OVERVIEW The Central Bank of the Russian Federation EVOLUTION (2) Monetary policy framework development 2006 Inflation targeting announced Inflation targeting is represented as a midterm goal in the "Monetary Policy Guidelines" 1998 - 2008 Narrow band 2008 2009 Active inflation targeting communications Liquidity management Instruments are developed, the interest rate corridor is narrowed Monetary policy framework development Exchange rate regime development 2012 2013 Transition deadline Key rate introduced set "Floating rate and inflation targeting by 2015" 5 2014 Floating exchange rate introduced Since Dec. 2017 Inflation below 4% (2.5% as of July 2018) 2008 - 2014 Flexible band 2015 Transition to the inflation targeting regime is completed Since Nov. 2014 Free floating Ruble

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