INFLATION AND MONETARY POLICY IN SEPTEMBER 2014

The consumer price index stood at 0.7% in October 2014 (0.2% in September 2013), 0.5 p.p. higher than the value observed in August this year. Therefore, inflation increased to 8.0% on an annualized basis. The consumer price index reached 0.7% within the fi rst 20 days of October. On September 20 the Bank of Russia for the fi rst time provided commercial banks with $581,4m of foreign currency through foreign exchange swap operations. The operations are intended to increase commercial banks’ capability to manage their short-term foreign exchange liquidity.