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Conclusions 

In the pre-crisis period BoR’s policy was exchangerate oriented which led to the “impossible trinity” problem and absence of independent monetary policy Monetary policy has experienced dramatic changes during 2009-2011 Increased flexibility of FX rate and improved interest-rate policy enabled tighter control over market interest rates BoR continues to enhance its policies in order to complete transition to inflation targeting by 2014 26

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?"