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 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...

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...

In February 2013, after the January reduction, the growth of bank assets was resumed. Dynamics of loans remained rather moderate: the main growth of banks' assets was due to the increased inflow of foreign assets

In January 2013, the Russian banking sector has entered a phase of a standstill, inherent to the first month of a year. The key indicators of credit activity and the dynamics of funds raised during the month have slowed down. In addition, the medium-term slowing-down trends were sustained in the...

Annual growth of budget expenditures, observed in December, has resulted in the funds extension of households and corporate clients with the bank accounts. This has urged a traditional growth of bank liquidity, which, however, has only slightly exceeded the refinancing rate of the Bank of Russia...

In November of this year the rate of individual savings in bank deposits has significantly increased. However, neither this fact, nor the continued active government support to the banks failed to prevent the slowdown of lending to both, individuals and corporate borrowers. Also, the banking...