This paper deals with Russia's monetary policy in 2014. The key developments in Russia's monetary policy in 2014 were determined by adverse processes in the Russian economy, which related to the tense geopolitical situation, massive capital outflow and the decline in the price of energy resources

The financial sphere of Russia was the first sector of the national economy which was affected by the global economic crisis of 2008. Financial markets were hit first and then the banking sector experienced the liquidity problem to be followed by a full-scale economic crisis in Russia. Early in...

In Q 3-4 2016, Russia's economy entered the phase of cyclical growth from the lowest point of the business cycle, its typical feature being the unstable movement patterns of the main socioeconomic development indicators. Inflation hit its historic low. The ruble's strengthening boosted the...

Russia's balance of payments data for Q3 2015 show a considerable decline in her current account balance. In monetary terms, the decline in imports during Q3 was faster than that in exports (relative to Q3 2014). By comparison with Q2 2015, it even demonstrated a slight increase, notwithstanding...

The results of H1 2017 on the one hand support the previous assumptions that the Russian economy is entering a growth phase, and on the other hand provide evidence of elevated uncertainty regarding the terms and prospects of economic development in the future. We expect that key macroeconomic...

Russia's current account surplus was affected considerably by falling exports, whereas imports declined at a slower rate, as compared with the same period previous year. In January–September 2016, net capital outflow in the private sector is reported to be five times less than what it was...

The Russian banking sector in November was aff ected by the same key adverse trends that have been prevailing over the recent months. The monetary authority’s resources still served as the principal source of funding for banks, which is indicative of a systemic shortage of traditional types of...

February 2015 saw almost all of the trends prevailing over the recent months: the retail credit portfolio saw nega- tive growth rates, the quality of the credit portfolio kept deteriorating both in the corporate and retail segments of the credit market, the debt owed to non-residents kept...

Over the past three quarters of 2014 the Russian banking sector encountered a constriction of growth in all of its key resource sources. Retail accounts and deposits and foreign liabilities contracted while growth in corporate customers dropped to low levels. Monetary authorities’ resources,...

It is monetary authorities’ resources that became the principal source of growth in banks’ assets in October 2014. Still high frequency of banking license revocations and the ruble devaluation could hardly recover depositors’ confi dence in the banking system – growth in the deposit base...