Financial Sector Overview

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 Liquidity communications 2012 Transition deadline set "Floating rate and inflation targeting management Instruments are developed, the interest rate corridor is narrowed by 2015" Monetary policy framework development Exchange rate regime development 2013 2014 Key rate introduced Floating exchange rate introduced 5 Dec. 2017 Inflation below 4% Dec. 2018 Inflation 4.3% - (2.5% all-time low in July 2018) 2008 - 2014 Flexible band 2015 Transition to the inflation targeting regime is completed Medium-term inflation target is around 4% Since Nov. 2014 Free floating Ruble

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