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Money market rates and BoR instruments ď ą

Volatility of the market interest rates has decreased significantly, and BoR’s ability to control them has improved

16% 14% 12%

Transition to liquidity shortage

10% 8% 6% 4% 2%

01.2012

07.2011

01.2011

07.2010

01.2010

07.2009

01.2009

07.2008

01.2008

0%

BoR refinancing rate

BoR stand-by REPO rate

BoR stand-by deposit rate

BoR minimum REPO auction rate

Interbank market O/N rate (MosPrime) BoR maximum deposit auction rate

Interbank market O/N rate (RUONIA)

21

Monetary Policy in the Environment of Recovery: Russian Experience  

Alexander Kashturov's presentation at "Economies of Baltic Sea Regions and Their Capital Markets: A Sustainable Recovery?"

Monetary Policy in the Environment of Recovery: Russian Experience  

Alexander Kashturov's presentation at "Economies of Baltic Sea Regions and Their Capital Markets: A Sustainable Recovery?"