Russian Financial Sector Update

Bank of Russia RUSSIAN MACRO UPDATE The Central Bank of the Russian Federation INFLATION After two years of disinflationary policies inflation target successfully reached in 2017 Figure 9: Inflation is around 4% (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 - -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 Source: Bank of Russia, Rosstat 18

View entire presentation