Financial Sector Overview

Bank of Russia RUSSIAN MACRO UPDATE The Central Bank of the Russian Federation INFLATION Medium-term inflation target successfully met in 2017-2018 Figure 9: Inflation (YoY, %) 24% 20% 16% 12% 8% 4% 0% CPI ...Non-food products ....Food .....Services Key rate January 2016: Oil prices reach their lowest level in a decade Medium-term inflation target 16 5.1%* -4% 06.15 09.15 12.15 03.16 06.16 09.16 12.16 03.17 06.17 09.17 12.17 03.18 06.18 09.18 12.18 03.19 Source: Bank of Russia, Rosstat *As of May 31, 2019

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