CBR Quarterly Inflation Review - Q4 2010
Central bank: cbr | Type: quarterly_review | Date: 2010-12-31

THE CENTRAL BANK
OF THE RUSSIAN FEDERATION
(BANK OF RUSSIA)
Quarterly
Inflation
Review
2010 Q4
Research and Information Department
The electronic version of Quarterly Inflation Review is available on the Bank of Russia's website:

Contents
Introduction. .................................................................................................................3
Inflation.Dynamics. ........................................................................................................4
Consumer prices ....................................................................................................................... 4
Housing prices ......................................................................................................................... 6
Producer prices ......................................................................................................................... 6
Foreign trade ............................................................................................................................ 7
Demand ................................................................................................................................. 10
Supply ................................................................................................................................... 12
Labour market ......................................................................................................................... 13
Monetary.Conditions...................................................................................................14
Exchange rate ........................................................................................................................ 14
Interest rates .......................................................................................................................... 16
Asset prices ............................................................................................................................ 19
Monetary aggregates .............................................................................................................. 20
Credit aggregates ................................................................................................................... 22
Bank.of.Russia.press.releases.on.monetary.policy.measures.in.2010.Q4.........................24
Statistical.Addendum.................................................................................................. 27
2010 Q4 3
Introduction
In 2010, the Russian economy was recover 
ing from the world financial and economic crisis.
Production growth was registered in most of the
major types of economic activity last year. The
highest growth rates in the output of goods and
services were observed in the first half of the year.
This growth, however , slowed down in 2010 Q3.
In the fourth quarter , production activity intensi 
fied.
Production growth was supported by rising
consumer and investment demand. owever , de owever , de de 
mand remained below the potential output level,
according to estimates.
Consumer price growth slowed down in
January July but quickened considerably from
August 2010, largely due to a faster increase in
food prices. On the whole, the inflation rate did
not slow down in 2010 and remained on the pre 
vious year’s level.
For most of 2010, the Bank of Russia carried
out accommodative monetary policy measures to
create conditions for further expansion of banks’
lending operations and the recovery of economic
activity, considering that inflation risks were mod 
erate.
Over the year , the Bank of Russia cut the re 
financing rate and slightly narrowed the interest
rate band on its operations.
Interest rates in all the segments of the finan 
cial market and on the loan and deposit market
were observed to decline.
Banks’ lending activity gradually recovered in
2010 as a result of low interest rates and high li 
quidity in the money market.
Money supply regained high growth rates.
This growth in 2010 was driven by the Bank of
Russia’s interventions in the domestic foreign
exchange market and an increase in the Bank of
Russia’s net claims on the general government
largely because the Government of the Russian
Federation used sovereign funds to finance the
budget deficit. The expansion of banks’ lending
to the real sector of the economy started to con 
tribute to money supply growth from the second
half of 2010.
4 2010 Q4
in the third and fourth quarters of 2010 as the
growth of food prices quickened.
Food prices rose by 12.9% in 2010 as
against 6.1% in the previous year.
Food prices excluding vegetable and fruit
prices increased by 9.4% in 2010 (as against
6.9% in 2009). It has been estimated that this
growth accounted for 3.2 percentage points, or
36.9%, of the inflation rate (this compares with
an estimated 2.4 percentage points, or 26.7%, in
the same period a year earlier).
The most significant increase in food prices
excluding vegetable and fruit prices was regis 
tered in 2010 in groats and beans (58.8%) and
sunflower oil (27.6%). In 2009, the prices of
these food products went down by 2.5% and
Inflation Dynamics
Consumer prices
According to the Federal State Statistics Ser 
vice (Rosstat), consumer prices rose by 8.8% in
2010 (their growth in 2009 also amounted to
8.8%). Core inflation stood at 6.6% in 2010
as against 8.3% in the previous year. The rise in
the prices of goods and services taken into ac 
count when calculating the core consumer price
index accounted for an estimated 5.3 percentage
points, or 60.4% of the inflation rate (this com 
pares with an estimated 6.7 percentage points, or
76.4%, in 2009).
Inflation measured 2.4% in the fourth quar 
ter of 2010 as compared with 0.7% in the same
period of 2009 while core inflation stood at 2.2%
and 1.1%, respectively. Inflation accelerated
Consumer price inflation (%)
Growth (December 2010 on
December 2009)
Growth (December 2009 on
December 2008)
Prices of goods and services, total 8.8 8.8
of which:
– food prices 12.9 6.1 Acceleration of growth by 6.8 percentage points
– food prices, excluding vegetable and fruit prices 9.4 6.9 Acceleration of growth by 2.5 percentage points
– non-food goods prices 5.0 9.7 Slowing of growth by 4.7 percentage points
– prices of paid services provided to households 8.1 11.6 Slowing of growth by 3.5 percentage points
Prices of goods and services included in core inflation calculation 6.6 8.3 Slowing of growth by 1.7 percentage points
Source: Rosstat.
Inflation Dynamics
2010 Q4 5
19.8%, respectively. The prices of butter grew by
23.3% (in 2009, they increased by 7.9%) while
the prices of granulated sugar went up by 22.5%
(42.7% in the previous year). Other major food
price increases ranged from 4.7% to 16.7%. In
2009, most of major food price increases ranged
from 1.6% to 10.6% while the prices of eggs de 
clined by 14.5%.
Vegetable and fruit prices gained 45.6% in
2010, registering the highest growth since 1999
(in 2009, vegetable and fruit prices fell by 1.7%).
The rise in vegetable and fruit prices accounted for
an estimated 1.6 percentage points, or 18.7%, of
the overall increase in consumer prices in 2010.
Estimates show that in the previous year the fall
in vegetable and fruit prices reduced the general
level of consumer prices by 0.1 percentage points
(0.7% of the general consumer price growth).
Growth in non-food goods prices slowed
to 5.0% in 2010 from 9.7% in 2009. Their
growth accounted for an estimated 1.8 percent 
age points, or 20.8%, of the headline inflation
(as against 3.6 percentage points and 41.1% in
2009). The most significant increase in 2010 was
registered in the prices of tobacco products (by
19.5% as against 18.7% in 2009). The prices of
fabrics, clothing, underwear and footwear rose by
4.4 7.8%. The price of petrol went up by 6.5%,
whereas the prices of TV sets and radios and med 
icine prices declined by 1.8% and 1.9%, respec 
tively (in 2009, petrol prices went up by 8.0%,
medicine prices grew by 17.6% and the prices of
TV sets and radios increased by 5.4%).
The prices of paid services provided to
households gained 8.1% in 2010 as against
11.6% in 2009 and it has been estimated that
their increase accounted for 2.1 percentage
points, or 23.6%, of the headline consumer
price growth (this compares with 2.9 percentage
points, or 32.9%, in 2009).
Growth in the administered service prices
slowed by 2.4 percentage points in 2010 from
2009 and stood at an estimated 12.2%. ousing
and public utility prices grew by 13.0% as against
19.6% in 2009, whereas passenger transport
fees rose by 8.7% as against 6.5% in 2009.
Growth in the prices of most of the services
taken into account when calculating core inflation
slowed down in 2010. Insurance charges went
down.
In 2010 growth in the prices of paid services
provided to households was by 1.0 percentage
points smaller than the overall growth in the pric 
es of consumer goods. In the previous year , on the
contrary, growth in such service prices exceeded
by 3.7 percentage points the overall consumer
price increase.
According to Rosstat data, consumer price
growth in 2010 was slower than in 2009 in most
of the federal districts of Russia.
Estimates show that the difference between
the constituent territories of the Russian Federa 
tion in terms of the price of a fixed set of goods
and services used by the Federal State Statistics
Service for interregional comparisons of the pur 
chasing power of the population narrowed in
Food price inflation (%)
Growth (December 2010 on
December 2009)
Growth (December 2009 on
December 2008)
Foodstuffs 12.9 6.1 Acceleration of growth by 6.8 percentage points
Bread and bakery products 7.6 2.4 Acceleration of growth by 5.2 percentage points
Groats and beans 58.8 -2.5
Pasta 4.7 1.6 Acceleration of growth by 3.1 percentage points
Meat and poultry 5.3 5.0 Acceleration of growth by 0.3 percentage points
Fish and seafood 4.8 10.6 Slowing of growth by 5.8 percentage points
Milk and dairy products 16.7 2.3 Acceleration of growth by 14.4 percentage points
Butter 23.3 7.9 Acceleration of growth by 15.4 percentage points
Sunflower oil 27.6 -19.8
Granulated sugar 22.5 42.7 Slowing of growth by 20.2 percentage points
Vegetables and fruit 45.6 - 1.7
Alcoholic beverages 8.3 8.9 Slowing of growth by 0.6 percentage points
Source: Rosstat.
6 2010 Q4
2010. Specifically, the regional difference ratio 1
decreased to 38.4% in December 2010 from
43.1% in the same period of 2009.
The rates of growth in food prices excluding
vegetable and fruit prices ranged from 8.6% to
10.7% in the federal districts in 2010, while the
rates of non food goods price growth changed
within the range of 4.5 5.8%.
The rates of growth in vegetable and fruit
prices differed significantly by region. For exam 
ple, in the Far Eastern Federal District vegetable
and fruit prices rose by 15.7%, whereas in the
Southern Federal District they grew by 59.0%.
The rates of growth in the prices of paid
services provided to households in most federal
districts were slower in 2010 than in 2009 and
ranged from 7.2% to 11.2%.
Housing prices
In 2010, housing prices rose by 0.3% in the
primary market and by 2.7% in the secondary
market. In 2009, housing prices fell by 7.6% in
the primary market and by 11.0% in the second 
ary market.
In 2010, housing price dynamics were influ 
enced by some rebound in the real estate market
amid the contraction of commissioned housing.
Specifically, in 2010 commissioned housing de 
1 The regional difference ratio is calculated by the Bank of
Russia as the difference between the price of a fixed set of
goods and services in the most and least expensive regions
relative to the national average cost of the set.
creased by 3.0% (in 2009, the respective figure
was 6.5%).
Producer prices
Industrial producer prices rose by 16.7%
in 2010 as against 13.9% a year earlier. The ac 
celeration of price dynamics was largely the re 
sult of the faster price increase in the manufac 
turing industries where the price growth quick 
ened to 16.9% from 5.9% in 2009. The biggest
price growth was registered in the production of
coke (54.9%), chemicals (30.6%) and metals
(24.1%). In 2009, producer prices in the pro 
duction of coke and metals went up by 7.3%
and 4.9%, respectively, while producer prices in
the output of chemicals declined by 0.5%. There
was a considerable increase in producer prices in
the output of petroleum products, which grew
by 20.4% in 2010 as compared with 28.9% in
the previous year. Growth in producer prices of
consumer goods accelerated. Specifically, growth
in producer prices of foodstuffs, including bev 
erages, and tobacco products increased by 7.5
percentage points from 2009 to 14.3% and in
the manufacture of textile and textile products by
7.7 percentage points to 13.2%. Producer pric 
es of leather , leather goods and footwear grew
by 10.8%, an increase of 5.9 percentage points
from 2009.
In 2010, producer prices in the mining and
quarrying of energy producing materials increased
by 16.1% as compared with 61.0% in 2009.
Inflation Dynamics
2010 Q4 7
Producer prices of building materials went
up by 9.1% in 2010 as compared with 0.1% a
year earlier.
Agricultural producer prices increased by
23.6% in 2010 against a drop of 1.8% in 2009.
In January July 2010, however , they decreased
by 0.9%. Crop grower prices rose by 38.3%,
whereas in 2009 they dropped by 6.6%. The
prices of grains and legumes grew by 31.4%
while sunflower prices increased by 71.1% in
2010 whereas in 2009 the prices of grains and
legumes fell by 13.4% while sunflower prices
edged up 0.4%. Livestock prices went up by
14.9% (in 2009, they increased by 1.5%). Cattle
and poultry producer prices rose by 3.8% in 2010
as against 5.6% in 2009. Milk producer prices in 
creased by 34.7% while the egg producer prices
went up by 16.1%. In 2009, milk producer prices
grew by 1.4% whereas egg producer prices went
down by 15.6%.
Foreign trade
In 2010 Q4, the price situation for major
Russian export commodities 2 in world markets
improved. As a whole, world energy prices in 
2 Average prices were calculated on the basis of data reported
daily by the following news agencies and exchanges: Reuters
for oil, The Financial Times for petroleum products (petrol,
diesel fuel and fuel oil) and sugar. Ferrous metal prices were
gauged on the basis of price indices; and data on average
monthly prices of natural gas, non-ferrous metals (alumin -
ium, copper and nickel) and other commodities were pro -
vided by the World Bank and the IMF .
In 2010, price growth in electricity, gas and
water supply stood at 13.8%, which represents a
decrease of 4.5 percentage points from the previ 
ous year.
Freight transportation charges rose by
33.1% in 2010 (they fell by 2.5% as a whole
in 2009). The growth of pipeline transportation
charges quickened considerably, accelerating to
56.0% in 2010 whereas in the previous year they
declined by 15.7%.
Communications fees for corporate enti-
ties increased by 7.0% in 2010 as against 2.1%
in 2009.
8 2010 Q4
2010, year on year. owever , natural gas prices
in Europe were on average 4.9% lower in 2010
than in 2009.
As ferrous metal prices recovered slowly, they
increased slightly in 2010 from 2009 (by 1.2%).
In 2010, world non ferrous metal prices were in 
creased by an average of 22% in 2010 as com 
pared with the previous year while non energy
prices gained 11%.
In 2010, the dynamics of world oil prices
were influenced by the recovery of the world de 
mand for oil, the faster growth in oil demand in
China and other Asian countries, the situation in
world foreign exchange and stock markets, an in 
flow of speculative capital into commodity mar 
kets, and also by unfavourable weather factors.
As a result, the world market price of Russian oil
increased by 15.2% in the fourth quarter of 2010
as compared with the same quarter of 2009. In
2010, the average world market price of Russian
oil grew by 28.9%, year on year , to $78.2 per
barrel.
The petroleum products price trend mostly
followed that of the oil price. In 2010, the price of
petrol went up by 26.8%, diesel 28.8% and fuel
oil 26.3% as compared with the previous year.
The recovery of natural gas prices in Europe con 
tinued in 2010 Q4. As a result, natural gas prices
in Europe grew by 9.4% in the fourth quarter of
Inflation in countries trading with Russia1
Inflation in the countries accounting for a substantial portion of Russian imports increased to 3.9% in 2010
(December on December of the previous year) from 3.3% in 2009. As before, energy price growth was a major
factor causing inflation in foreign countries. Inflation increased in 2010 due to higher food prices resulting from
the acceleration of growth in world agricultural prices from August. At the same time, the negative output gaps
persisting in foreign economies after the crisis restrained inflation. Core inflation in the eurozone was unchanged
in 2010 from 2009. U.S. core inflation decreased
and was a factor that slowed headline consumer
price growth in 2010 as compared with 2009 (De -
cember on December of the previous year).
Rising energy prices in the eurozone and the
United States made the biggest contribution to the
overall price growth. However, the contribution of
this factor in the U.S. decreased as compared with
2009, bringing the inflation rate down. In the euro-
zone, the euro’s depreciation against the U.S. dollar
intensified the effect of oil price growth. Along with
the trends in food markets, this factor contributed
to higher inflation rates as compared with 2009. In
some countries, in particular, in Ukraine and China,
inflation was substantially affected by the increase
of administered energy prices and rates for energy
product consumption. The growth of agricultural
prices primarily affected inflation rates in the coun -
tries with a large share of food products in the struc-
ture of their consumer baskets, including in China
and CIS countries.
1 According to data reported by national statistics agencies of Russia’s trading partners.
Inflation Dynamics
2010 Q4 9
fluenced by the growing demand for these met 
als, especially from China. As a result, the price of
aluminium grew by a factor of 1.3 and the price
of copper and nickel by a factor of 1.5 in 2010 as
compared with 2009.
World market prices of foodstuffs and ag 
ricultural raw materials changed sharply in mid 
2010: their fall in the first six months of the year
was followed by their rise in the second half of the
year. This dynamics was the result of a consider 
able decrease in grain harvests due to extremely
unfavourable weather conditions (the drought in
Russia, Kazakhstan and Ukraine, heavy rains in
Canada, some Asian and European countries, and
severe frosts in some countries in South America).
Russia’s ban on grain exports3 and restrictions im and restrictions im restrictions im 
posed by Ukraine on grain supplies to the world
market intensified this trend. As a result, in 2010
Q3 and Q4 the world market grain prices (wheat,
maize and barley) increased on average by 23%
and 35%, respectively, as compared with the
same quarters of 2009. In 2010, the grain prices
grew by 13% on average as compared with 2009.
The steady growth of meat consumption,
especially in Asian countries, amid the decrease
in the world’s cattle population pushed up meat
prices. The growth of grain prices that determined
the dynamics of fodder grain prices also affected
meat prices. In the fourth quarter of 2010, beef
3 Since August 15, 2010, Russia has imposed a temporary
ban on the export of wheat, meslin, barley, rye, maize,
wheat or wheat and rye flour.
and pork prices increased by 29% and 22%, re 
spectively, while poultry prices grew by 4% year
on year. On average, the prices of beef grew by
27%, pork by 33% and poultry by 0.3% in 2010
as compared with the previous year.
The decrease in oil crop harvests as a result
of unfavourable weather conditions caused a rise
in the prices of vegetable fats in the world mar 
ket in the second half of 2010. At the same time,
the expectations of bumper soya bean harvests in
some regions of the world contained growth in
the prices of vegetable fats. In the fourth quarter
of 2010, palm oil was 51% more expensive than
in the same quarter of the previous year. Palm oil
10 2010 Q4
ture of household money income use decreased
in 2010 2, in 2010 as a whole it grew by 0.6
percentage points from 2009 to 14.6%, in which
deposits and securities accounted for 7.7% (as
against 4.5% in the previous year). In the second
half of 2010, household demand for foreign cur 
rency slightly increased, but in 2010 as a whole
the share of household spending on the purchase
of foreign currency declined by 1.8 percentage
points from the previous year to 3.7%.
 ousehold final consumption expenditures
increased by 2.7% in 2010. The improved situ 
ation in the labour market and the revival of con 
sumer lending stimulated growth in household
real spending and, as a result, contributed to the
increase in the retail trade turnover (by 4.4%) and
the volume of paid services provided to house 
holds (by 1.4%). In January September 2010,
the share of imported goods in the retail trade
resources increased by an estimated 2.0 percent 
age points, year on year , to 44%. The share of
non food imports grew by five percentage points
to 54% while the share of food imports was un 
changed at 34%.
The imports of goods grew rapidly, mostly
as a result of the expansion in import quantities.
Growth in the imports of investment and non 
food consumer goods accelerated while food
imports expanded slower in 2010 Q4. The im 
ports of goods (according to the balance of pay 
prices were on average 32% higher in 2010 as
compared with 2009.
The growth of sugar prices continued in the
world market in the fourth quarter of 2010 due to
low sugarcane harvests as a result of unfavourable
weather conditions in Brazil, India, Pakistan, Mex 
ico, Central America, South Africa and Australia,
and the contraction in world sugar stocks. As a
result, in 2010 Q4, sugar prices grew by 30%
as compared with the same quarter of 2009. In
2010, sugar prices increased by a factor of 1.3 on
average year on year.
In 2010, Russia’s terms of trade improved
as compared with 2009. At the same time, the
growth of export prices slowed in 2010, gradu 
ally downgrading the terms of trade index.
Demand
Domestic demand
The expansion of domestic demand was a
major factor of economic growth in 2010. Growth
in consumer spending continued and investment
activity increased in the fourth quarter of 2010.
Wage and pension increases contributed to
growth in household real disposable income (by
4.3%). In 2010, the household propensity to con 
sume grew by 0.3 percentage points to 69.8% as
compared with 2009. Though the share of house 
hold spending on organised savings in the struc organised savings in the struc 
International trade
The International Energy Agency (IEA) has estimated that the world consumption of oil increased by 3.2%
in 2010 as compared with the previous year. Almost 45% of this growth was attributable to the increase in oil
consumption in Asian countries (excluding the region’s countries that are members of the rganisation for Eco-the rganisation for Eco-
nomic Cooperation and Development, ECD), including a third of this growth driven by larger consumption in
China. In European countries, members of the ECD, oil consumption was 0.5% lower than in 2009 (however,
in the second half of 2010, it exceeded the level of the same period a year earlier). The average price of Brent,
Dubai and WTI crude rose to $79 per barrel in 2010 from $61.8 per barrel in 2009 (by 28%).
According to Eurostat data, EU import quantities of mineral fuel and lubricants declined by 1.5% in January-
November 2010, year on year (the difference was the result of the considerable reduction in import quantities
in the first quarter of 2010 as compared with the first quarter of 2009). The average unit value of the imports
of these commodities1 increased by 28.5% in January-November 2010 as compared with the same period of
2009 as a result of the rise in the world market price of oil and the euro’s depreciation against the U.S. dollar. The
price of Russian natural gas exported to Germany in 2010 declined on average by 7.1% under the impact of the
statistical base effect conditioned by the lower price level registered between the second quarter of 2009 and
the fourth quarter of 2010 as compared with the first quarter of 2009. The price of Russian natural gas exported
to Germany in 2010 H2 was on average by 34.1% higher year on year.
1 The average unit value of imports is the ratio of changes in the value of imports of particular commodities to changes in the import quanti-
ties.
Inflation Dynamics
2010 Q4 11
ment estimate as of January 13, 2011) increased
by 29.7% in 2010 as compared with 2009 to
$248.8 billion.
In 2010, general government expenditure on
final consumption increased by 0.7%. According
to the Federal Treasury’s data, budget expenditure
decreased to 38.9% of GDP in 2010 as against
41.4% in 2009. Non interest expenditure ac 
counted for 38.3% of GDP as against 40.8% in
2009. This dynamics is chiefly the result of the
scaling down of the anti crisis measures imple 
mented by the government.
In 2010, the general government’s budget
had deficit of 3.6% of GDP , which represents a
decrease of 2.7 percentage points as compared
with 2009. The improvement of the Russian bud 
get balance, which may continue in the medium
term, reflects the Russian government’s consis 
tent efforts to tighten the fiscal policy for the sake
of strengthening macroeconomic stability and
long term sustainability of public finance.
Gross fixed capital formation expanded by
3.5% in 2010. As the financial position of en 
terprises improved and borrowed funds became
more accessible, investment activity increased.
In 2010, fixed capital investment expanded by
6.0% year on year.
Investments in machinery, equipment and
transport vehicles accounted for about a third of
total investments in January September 2010. At
the same time, the share of investments made to
acquire imported equipment contracted from Jan 
uary September 2009 by 2.8 percentage points
to 20.2%. The imports of machinery, equipment
and transport vehicles grew by 37.7% in January 
September 2010.
Fixed capital investment was financed most 
ly by raised funds (57%) in January September
2010. The share of own funds used to finance
fixed capital investment expanded. Bank loans ac 
counted for 9.1%, a contraction by 2.0 percent 
age points from January September 2009.
As imports grew faster than exports in real
terms, net exports of goods and services fell by
27.3% in 2010.
Foreign demand
Foreign demand for Russian goods slightly
increased in the fourth quarter of 2010. Russian
export quantities grew slightly faster quarter on
quarter. In 2010, exports of oil, petroleum prod 
ucts (except petrol), natural gas, ferrous met 
als, mineral fertiliser, processed timber and some
other commodities grew in quantity as compared
with 2009. owever , the expansion of exports in
2010 (by 31.2% to $398.0 billion, according to
the balance of payments estimate as of January
13, 2011) was largely the result of the rise in pric 
es. Growth in exports to the member countries of
GDP by expenditure*
(growth as % of corresponding period of previous year)
2009 2010
Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Full year
GDP -9.3 -11 -8.6 -2.9 -7.8 3.1 5.2 2.7 4.0
Final consumption -1.5 -5.3 -8 -5.4 -3.7 0.6 3.5 4.9 2.1
of which:
– households -2.8 -8 -11.4 -8.1 -4.8 0.1 4.6 6.7 2.7
Gross capital formation -50.4 -50.6 -32.4 -22.5 -41 -1.3 33.3 16.1 24.3
Net exports 26.1 80.5 125.6 73.6 56.7 38.5 -34.3 -62.8 -27.3
* The sum of the quarters does not match the full-year data; quarterly figures will be updated by Rosstat in March 2011.
Source: Rosstat.
12 2010 Q4
the European Union (EU) was slightly slower than
overall export growth. The share of the European
Union in Russia’s commodity exports was actually
unchanged in 2010 from 2009: the most signifi 
cant increase was registered in the share of the
Netherlands while the share of Italy decreased.
Growth in exports to the Asia Pacific Economic
Co operation (APEC) member countries consid 
erably outpaced the growth in exports to the EU
member countries. Exports to Japan and the Re 
public of Korea grew rapidly. Exports to CIS mem 
ber countries increased slower than overall ex 
ports and expanded largely due to the fast growth
in the recovery of exports to Ukraine.
Supply
In 2010, output in the key types of economy
increased by 4.7% (in 2009, it was down 9.8%).
Production growth was registered in most of the
key types of economic activity, except agriculture
and construction. In 2010, output in agriculture
contracted by 11.9% and in construction it fell by
0.6%. At the same time, output grew by 6.9%
in transport, 4.4% in retail trade and 1.3% in
wholesale trade.
Industrial output grew by 8.2% in 2010,
whereas in 2009 it declined by 9.3%. igh rates
of output growth were registered in the manu 
facturing industries (11.8%), especially the pro 
duction of transport vehicles (32.2%), electrical,
electronic and optical equipment (22.8%) and
rubber and plastic products (21.5%).
Output in the mining and quarrying rose
by 3.6%; particularly marked growth was regis 
tered in the mining and quarrying of natural gas
(11.4%) and metal ores (8.6%).
There was a rise in the output of major live 
stock products in 2010, including cattle and poul 
try for slaughter (5.2%). The output of meat and
meat products increased by 11.2%, of which
the production of meat, including by products,
rose by 15.6%. In 2010, there was a decline in
the gross output of grain crops, except rice. The
gross production of grain contracted by 37.3%,
buckwheat 39.8% and oats 40.4%. The contrac 
tion in grain stocks affects the dynamics of prices
for bread and bakery products, pasta, flour and
groats, which, in turn, exerts pressure on con 
sumer price inflation as a whole.
According to data released by the Russian
Economic Barometer , industrial production ca 
pacity utilisation ratio in 2010 stood at 72% on
average (in 2009 it was 65%).
In December 2010, the leading industries
by production capacity utilisation ratio were tim 
ber and wood working industry (87%) and ma 
chine building (83%), whereas the lowest ratio
was registered in the building materials industry
(66%), the chemical industry (63%) and the
food industry (61%).
Economic growth in foreign countries1
GDP in the group of countries accounting for a large part of Russian exports increased by an estimated
3.7% in 2010 (in 2009, it contracted by 3.8%). Preliminary data show that US GDP grew by 2.8%, eurozone
GDP 1.7% and China’s GDP 10.3%. From the second quarter of 2010, the contribution of domestic demand to
GDP growth increased in many foreign countries due to the expansion of household consumption and the revival
of investment activity. The growth rates may decelerate in 2011 under the impact of the more evenly-spread
statistical base effect. The IMF forecast released in January 2011 suggests that the rates of growth in the global
production of goods and services will decrease to 4.4% this year from 5.0% in 2010.
1 According to data compiled by the national statistics agencies of Russia’s trading partners.
Inflation Dynamics
2010 Q4 13
and the production of leather , leather goods and
footwear (12,147 rubles), representing respec 
tively 45%, 51% and 54% of the national aver 
age. Wages below the national average were reg 
istered in the activities largely financed from the
federal budget, such as education, other utilities,
public and personal services, healthcare and so 
cial services and in the manufacturing industries,
wholesale and retail trade, and car and household
goods repair services.
In 2010, the total number of unemployed
declined by 10.9% to 7.2% of the economically
active population by the end of the year (8.2% as
of the end of 2009).
In 2010, GDP grew by 4.0%, as compared
with 2009. The output gap remained negative,
according to estimates.
Labour market
The number of employed in the economy in 
creased by 0.6% in 2010, whereas in 2009 it fell
by 2.2%.
Estimates show that labour productivity in 
creased in the production of goods and declined
in the production of services in January Septem 
ber 2010. Growth in the output of services was
slower than growth in the output of goods. The
number of employed in the services sector in 
creased as compared with the corresponding pe 
riod of the previous year , whereas the number of
employed in the production of goods, continued
to decline according to estimates. In 2010, labour
productivity in the economy as a whole increased
by an estimated 3.4%.
In 2010, real wage grew faster (by 4.2%)
than labour productivity (in 2009, real wage de 
creased by 3.5%).
In 2010, wages continued to differ signifi 
cantly in various types of economic activity. The
highest average monthly wage was registered in
the mining and quarrying of energy producing
materials (51,729 rubles) and the financial sector
(46,686 rubles), exceeding the national average
by a factor of 2.3 and 2.1, respectively. The low 
est wages were registered in the manufacture of
textile and textile products (10,155 rubles), ag 
riculture, hunting and forestry (11,628 rubles),
14 2010 Q4
ber it grew by 0.4%. As of January 1, 2011, the
official rate of the US dollar against the ruble was
30.3505. In January 2011, amid the favourable
energy price dynamics, the ruble continued to ap 
preciate against the US dollar in nominal terms
and gained 2.6%. As of February 1, 2011, the of 
ficial ruble/US dollar rate stood at 29.8018 rubles
to the dollar.
The nominal ruble/euro rate decreased
by 5.5% in the quarter under review (by 2.3%
in 2010 Q3). The ruble was observed to weaken
against the single European currency by 4.7% in
October and by 0.7% in November whereas in
December it gained 4.0%. As of January 1, 2011,
the official ruble/euro rate stood at 40.4876 ru 
bles to the euro. In January 2011, the nominal
ruble/euro exchange rate rose by 1.1% and as a
result, as of February 1, 2011, the official ruble/
euro rate reached 40.5811 rubles to the euro.
The ruble value of the bi-currency basket
stood at 34.9122 rubles as of January 1, 2011. In
January 2011, the value of the operational bench 
mark demonstrated different dynamics and as of
February 1, 2011 it slipped to 34.6525 rubles.
The nominal effective rate of the ruble
against foreign currencies decreased by 4.0%
in October December 2010 (by 2.5% in 2010
Q3). Considering higher rates of the ruble’s de 
Exchange rate
In 2010 Q4, the domestic foreign exchange
market remained relatively stable, despite the ru 
ble’s exchange rate volatility against major world
currencies in some periods. Foreign debt pay 
ments by Russian companies and private sector
capital outflow in October November 2010 con 
tributed to the weakening of the national curren 
cy. owever , the growth of energy prices in world
markets in December 2010 brought about the
excess of foreign currency supply over demand in
the domestic foreign exchange market and con 
tributed to the ruble appreciation.
According to estimates, the current account
surplus stood at $72.6 billion in 2010, whereas
the current account surplus was registered at
$58.3 billion in the first nine months of 2010. Ac 
cording to preliminary data, a net private capital
outflow estimated at $22.7 billion was registered
in October December 2010 ($3.7 billion in 2010
Q3). As of January 1, 2011, Russia’s internation 
al reserves reached $479.4 billion, a decrease of
2.2% over October December.
The nominal ruble/US dollar rate slipped
by 0.3% in 2010 Q4 (in 2010 Q3 it was down
by 1.3%). In October 2010, the ruble gained
1.7% against the dollar in nominal terms but in
November it slipped by 2.1% whereas in Decem 
Monetary Conditions
Monetary Conditions
2010 Q4 15
leading trading partners was largely the result of
the ruble rate decline against the single European
currency in October December 2010.
The real ruble/dollar exchange rate rose
by 1.5% in 2010 Q4 (by 0.1% in July Septem 
preciation against the euro in nominal terms in
the quarter under review, and also a considerable
share of eurozone countries in Russia’s foreign
trade turnover , the depreciation of the nominal
rate of the ruble against the currencies of Russia’s
International foreign exchange market
The US dollar gained about 10% against the euro in the international foreign exchange market in 2010
(December on December 2009). Financial problems experienced by Greece and some other member countries
of the European Economic and Monetary Union with high budget deficits and public debt (including Ireland)
caused a significant depreciation of the euro between November 2009 and mid-2010, and also the euro’s
weakening at the end of 2010. September- ctober 2010, on the contrary, saw the weakening of the US dollar
amid the expectations of further easing of the US monetary policy: the dollar depreciated against both the cur-
rencies of the countries with higher interest rates as compared with the rates in the US financial market and the
currencies of the countries with lower interest rates
(including the Japanese yen and the Swiss franc).
During this period, some countries carried out for- this period, some countries carried out for-this period, some countries carried out for- period, some countries carried out for-period, some countries carried out for-, some countries carried out for -
eign exchange market interventions to restrain the
appreciation of their national currencies against the
dollar, and also took regulation and control measures
against an excessive inflow of short-term capital.
In 2010, the currencies of major developing
countries – China, India, Indonesia, Thailand, Brazil,
Mexico and South Africa, and also the Japanese yen,
the Swiss franc, the Canadian, Australian and New
Zealand dollars appreciated against both the US dol-
lar and the euro. From mid-2010, China resumed
the policy of a more flexible exchange rate-setting
of the yuan. Most other currencies also strengthened
against the euro. Among the currencies of Russia’s
leading trading partners, the rates of the Kazakh
tenge and the Ukrainian hryvnia did not change
significantly against the US dollar while the British
pound, the Polish zloty, the Belarussian ruble and
some other currencies declined against the dollar.
16 2010 Q4
to November 2010 kept the refinancing rate and
the interest rates on its operations unchanged.
For the purpose of reducing interest rate vol 
atility and absorbing surplus liquidity, the Bank of
Russia Board of Directors took the decisions to in 
crease interest rates on deposit operations by 0.25
percentage points from December 27, 2010 and
raise required reserve requirements from February
1, 2011. At the same time, the refinancing rate
and interest rates on the Bank of Russia’s liquidity
provision operations were kept unchanged.
The overnight credit rate, which sets the up 
per limit of the Bank of Russia interest rate band,
remained at 7.75% p.a. in October December
2010 and in January 2011. The overnight deposit
rate on standard conditions, which sets the low 
er limit of the Bank of Russia interest rate band,
stood at 2.5% p.a. for most of the fourth quarter
of 2010 and amounted to 2.75% p.a. in January
2011.
Average interest rates on the ruble denom 
inated interbank loans with different terms to
redemption changed both ways in 2010 Q4. The
Q4 average overnight ruble MIACR on interbank
loans stood at 3.0% as against 2.6% p.a. in the
previous quarter. The overnight ruble MIACR on
interbank loans ranged from 2.4% to 4.6% p.a.
in 2010 Q4, except December 31, when an ab 
normally low interest rate was registered (in Q3 it
varied between 2.1% and 3.3% p.a.). In January
2011, the overnight ruble MIACR on interbank
loans fluctuated within the range of 2.6 2.9%
p.a. The average overnight MIACR on ruble loans
ber). As compared to the previous quarter , the
inflationary differential made the biggest contri 
bution to the real ruble/dollar exchange rate dy 
namics in October December 2010. It has been
estimated that the index of the ruble’s real appre 
ciation against the dollar measured 4.8% in Janu 
ary 2011.
The real ruble/euro exchange rate
dropped by 3.9% in October December (by
0.9% in 2010 Q3). The ruble’s nominal exchange
rate dynamics played a major role in the decrease
of the real ruble/euro exchange rate in the quar 
ter under review (its contribution to the index was
estimated at over 60%). Preliminary data show
that the ruble gained 3.1% against the euro in
real terms in January 2011.
The real effective rate of the ruble against
foreign currencies dropped by 3.1% in 2010 Q4
as against 1.3% in Q3. Preliminary data show that
the real effective rate of the ruble gained 3.3% in
October 2010 largely as a result of the ruble’s ap 
preciation against the euro over that period.
Interest rates
As inflation risks remained at an acceptable
level for most of 2010, the Bank of Russia con 
ducted an accommodative monetary policy aimed
at creating conditions for further expansion of
banks’ lending operations and the recovery of
economic activity. In the first half of the year , the
Bank of Russia Board of Directors took decisions
on four occasions to lower the refinancing rate
and interest rates on its operations and from June
Monetary Conditions
2010 Q4 17
2.6% p.a. in Q3 to 2.9% p.a. in Q4, the rate on
1 to 3 month loans grew from 4.2% to 4.6% p.a.
while the rate on 8 to 30 day interbank loans de 
clined from 4.1% p.a. to 3.9% p.a.
in January 2011 dropped by 0.2 percentage
points month on month to stand at 2.7% p.a. The
interest rate on ruble interbank loans placed by
Russian banks for a term of 2 7 days rose from
Liquidity situation and Bank of Russia operations
In ctober-December 2010, excess liquidity remained in the banking sector as a whole: credit institu -
tions continued to keep their temporarily uncommitted funds on deposit accounts and in Bank of Russia bonds,
though in slightly smaller amounts than in the two previous quarters. In January 2011, credit institutions’ de -
mand for Bank of Russia’s liquidity absorption instruments increased considerably under the impact of some
seasonal factors.
Bank of Russia’s average daily obligations to credit institutions on the liquidity absorption instruments
amounted to 1.2 trillion rubles in 2010 Q4 and 1.5 trillion rubles in January 2011 (1.4 trillion rubles in the first
nine months of 2010). bligations on Bank of Russia bonds predominated in their structure between April and
December 2010 while funds on deposit accounts prevailed in their structure in January 2011. The Bank of Rus-
sia’s average daily claims to credit institutions on liquidity provision instruments decreased roughly to 24 billion
rubles in Q4 and to 16 billion rubles in January 2011
(they amounted to 222 billion rubles in the first nine
months of 2010).
In the fourth quarter of 2010, the Bank of Rus-
sia Board of Directors took the decisions to switch
to three-month BR bond auctions from November
2010 and to stop holding three-month deposit auc-
tions from January 2011 to raise the efficiency of
its monetary policy by increasing the impact of the
Bank of Russia operations on the short-term money
market rates. At the same time, f avourable dynam-avourable dynam-dynam-
ics of the banking sector stability indicators and the
overall reduction of systemic risks in 2010 Q4 and in
January 2011 allowed the Bank of Russia to imple -
ment the decisions on scaling down the anti-crisis
measures. From ctober 1, 2010, the Bank of Rus -
sia suspended holding 6-month Lombard auctions
and extending long-term unsecured loans. Starting
from January 1, 2011, the Bank of Russia has sus -
pended all operations to grant unsecured loans.
18 2010 Q4
In 2010 Q4 interest rates on household de-
posits with all terms (from 1 month to 3 years)
continued to decline. In 2010 Q4 the average
short term and long term (1 year to 3 years)
household ruble deposit interest rates fell by 0.5
and 1.0 percentage points, quarter on quarter , to
5.6% p.a. and 5.5% p.a., respectively.
In 2010 Q4 the average short term and
long term interest rates on ruble denominated
loans to households dropped by 0.9 and 0.5
percentage points to 26.0% p.a. and 17.5% p.a.,
respectively.
Average quarterly interest rates on loans to
non-financial organisations continued to fall
in 2010 Q4. The average interest rates on short 
term and long term loans declined by 1.0 per 
centage points each, quarter on quarter , to 9.1%
p.a. and 10.5% p.a., respectively. The biggest fall
(by 1.5 percentage points) in the average interest
rate in Q4 was registered on loans with terms of
over 3 years.
The yield curve for loans to non financial or 
ganisations shifted down in October December
2010 as compared with the previous quarter.
The yield curve continued to rise in the up to 6 
months segment, while in the over 6 months
segment it became almost horizontal.
OFZ market yields changed both ways be 
tween October and the first half of December
2010, with slightly upward dynamics as the pre 
Monetary Conditions
2010 Q4 19
vailing trend. The average quarterly effective OFZ
market portfolio indicator (MPI) and the effective
MPI as of the end of the fourth quarter increased
by 0.1 percentage points each, quarter on quar 
ter , to 7.4% p.a. As of the end of January 2011,
the effective MPI increased also by 0.1 percent 
age points, month on month, to 7.5% p.a. As
in the previous month, the average effective MPI
measured 7.5% in January 2011.
In October 2010 – January 2011, the OFZ
yield curve retained its upward sloping shape,
demonstrating slight changes in its position. Rela 
tive to the beginning of October 2010, the gov 
ernment bond yield curve moved upward, with
its slope slightly increasing by the end of January
2011.
In October 2010 – January 2011, as was the
case in 2010 Q3, the ruble regional bond mar-
ket demonstrated yield dynamics similar to the
dynamics of OFZ bond yields but was character character 
ised by greater volatility. Ruble corporate bond
yields largely increased from October through
December , after which they changed horizontally,
demonstrating even greater volatility. In Q4 the
average regional bond yields grew by 0.1 percent 
age points, quarter on quarter , to 7.4% p.a. while
the corporate bond yields fell by 0.2 percentage
points to 7.5% p.a. In January 2011, the average
regional bond yields were unchanged at 7.6%
p.a. from the previous month while the corporate
bond yields increased by 0.1 percentage points to
7.8% p.a. In the period between October and the
first half of December 2010, the spreads between
yields on federal loan bonds (OFZ), corporate
bonds and regional bonds changed within a rela 
tively narrow horizontal band and were observed
to widen by the end of January 2011.
Asset prices
The growth of securities prices acceler 
ated in the Russian stock market in 2010 Q4,
while their volatility decreased amid positive price
trends in the world oil market and the stock mar 
kets of developing countries. By the end of 2010,
the MICEX and RTS stock indices had reached
their record highs for the period since mid July
and August 2008, respectively. As of December
20 2010 Q4
In 2010, the M2 annual growth rates increased
and as of January 1, 2011 they stood at 28.5%
as against 16.3% on January 1, 2010. In March 
November 2010, the annual rates of growth in
ruble money supply steadily exceeded the level
of 30%. In 2010 Q4, however , the M2 annual
growth slightly slowed down. Seasonally adjusted
monthly rates of growth in monetary aggregate
M2 tended to increase as a whole from July 2010.
 ousehold deposits were the most rapidly
growing component of monetary aggregate M2.
In 2010 they increased by 43.6% (as against
growth by 27.1% in 2009). The most rapid an 
nual growth in ruble household deposits (by over
30, 2010, the MICEX index grew by 17.2% as
compared with the level registered at the end of
2010 Q3, to 1,687.99 points and the RTS index
was up by 17.4% to 1,770.28 points. The av 
erage MICEX and RTS indices in Q4 were higher
than in Q3 by 13.5%.
The prices of corporate stocks in the key sec 
tors of the economy increased considerably in
Q4. The most significant increase in the prices of
corporate stocks in the period under review was
registered in the chemical and petrochemical in 
dustry, machine building, the consumer goods
and metallurgical sectors, which had led the stock
price growth in the previous quarter , and also in
the stock prices of credit institutions and oil and
gas companies.
In January 2011, the upward dynamics of
Russian stock prices was more moderate than in
December 2010. As of January 31, 2011, the
MICEX index gained 2.1%, month on month, and
reached 1,723.42 points and the RTS index rose
by 5.7% to 1,870.31 points. In January 2011,
corporate stock prices grew in most sectors of the
Russian economy, especially the banking, chemi 
cal and petrochemical sectors. Corporate stock
prices in the metallurgical and consumer goods
sectors, on the contrary, edged down after their
rapid growth in the second half of 2010.
Monetary aggregates
The annual rates of growth in monetary ag 
gregate M2 started to accelerate in October 2009.
Monetary Conditions
2010 Q4 21
In the second half of 2010, household de 
mand for foreign currency cash increased. Net
purchases of foreign currency by households
through exchange offices amounted to about $8
billion in July December 2010 (in January June
2010, net sales stood at $2.4 billion). According
to Russia’s balance of payments preliminary esti 
mates, the value of foreign currency cash outside
the banking system decreased by $14.4 billion in
2010.
In 2010, foreign currency deposits con 
tracted by 1.1% in ruble terms (in dollar terms,
this contraction was slightly larger). The biggest
decrease in the value of foreign currency depos 
its was registered in the first half of 2010 (by
48%) was registered in August September 2010.
In Q4, the annual rate of growth in ruble house 
hold deposits started to slow down.
The annual rate of growth in ruble non fi 
nancial organisation deposits was observed to in 
crease until May and amounted to 30.2% as of
May 1, 2010, after which this growth decelerated
considerably. As a result, non financial organisa organisa 
tion ruble deposits increased by 16.6% in 2010
as a whole as against 14.5% in 2009.
The annual rate of growth in monetary ag 
gregate M0 increased significantly in 2010: it ac 
celerated to 25.4% as of January 1, 2011 from
6.4% on January 1, 2010. This growth slightly
slowed down only in the last two months of 2010.
22 2010 Q4
financial organisations increased by 3.2% over
that period and on loans to households expanded
by 5.5%. As a result, the annual rate of growth in
total debt on loans stood at 12.6% as of January
1, 2011.
Low interest rates and the high level of liquid 
ity in the money market were among the major
factors prompting lending activity recovery. The
continued expansion of the banks’ deposit base
leading to an increase in their liabilities also con 
tributed to the growth of bank loans.
The substitution of banks’ risk free low yield
assets with claims on the real sector of the econ 
4.5%), whereas in the second half of the year
foreign currency deposits grew by 3.5% (mainly
in the fourth quarter). The level of dollarization
of deposits 1 continued to contract in 2010 and
decreased to 15.8% as of January 1, 2011 from
19.6% on January 1, 2010.
The annual rates of growth in the M2X
broad money started to increase from October
2009 and this trend persisted in 2010. Despite
some stabilisation of the M2X annual growth
rates in the second half of 2010, they accelerated
to 22.7% in 2010 from 16.4% in the previous
year. The dynamics of annual 6 month rates of
growth in M2X testifies to an increase in the rates
of M2X growth in 2010 Q3 and Q4.
The Bank of Russia interventions in the do 
mestic foreign exchange market and the increase
in the Bank of Russia’s net claims on the govern 
ment were the principal sources of growth in ag 
gregate money supply in 2010. From the second
half of 2010, money supply growth was also in 
fluenced by the expansion of bank lending to the
real sector of the economy. The aggregate money
supply growth to the level exceeding the rates of
growth in money demand testified to increased
inflation risks owing to the monetary factors at the
end of 2010 and in 2011.
Credit aggregates
The growth of credit aggregates continued
in 2010 Q4. The debt on loans extended to non 
1 The level of dollarization in this case is the share of foreign
currency deposits (in ruble terms) in the broad money.
Monetary Conditions
2010 Q4 23
omy was another source of growth in loans. Par 
ticularly, starting from August 2010, the annual
growth in banks’ net foreign assets was negative2.
The amount of Bank of Russia bonds on banks’
balance sheets also started to contract gradually
from September 2010. Nevertheless, credit insti 
tutions’ investments in Russian government obli 
gations and deposits with the Bank of Russia still
remained considerable and had a certain restrain 
ing effect on the growth of lending.
The low demand for loans was a major factor
containing growth in lending activity. owever ,
as aggregate demand recovered, lending activity
gradually increased. The demand for loans may
further expand, given that positive trends persist
in the real sector of the economy.
2 At the same time, in 2010 Q4 (for the first time in the
past four quarters), credit institutions’ net foreign assets in-
creased.
24 2010 Q4
Bank of Russia press releases on monetary policy
measures in 2010 Q4
October 2010
October 13
The Bank of Russia External & Public Relations Department reports that from October 13, 2010 the
Bank of Russia changed the parameters of the exchange rate setting mechanism by widening the oper 
ating floating range of permissible fluctuations in the ruble value of the bi currency basket (0.45 euros
and 0.55 US dollars), used to contain excessive exchange rate volatility, symmetrically to 4 rubles from 3
rubles, and by decreasing the amount of cumulative interventions, necessary for the operational band shift
by 5 kopecks, from $700 million to $650 million.
In addition, as part of its program to scale down its anti crisis measures, the Bank of Russia cancelled
the fixed range of permissible fluctuations in the ruble value of the bi currency basket introduced on Janu 
ary 23, 2009.
These decisions taken by the Bank of Russia will make the exchange rate setting mechanism more
flexible and reduce the scope of the Bank of Russia’s direct interventions in the rate setting process in the
domestic foreign exchange market.
October 18
The Bank of Russia External & Public Relations Department reports that on October 15, 2010 the
Bank of Russia Board of Directors took a decision to reintroduce from January 1, 2011 its approaches to
drawing up the Bank of Russia List that had been in effect prior to February 2009. The Bank of Russia List
includes organisations that have a long term foreign currency rating assigned by at least one of interna organisations that have a long term foreign currency rating assigned by at least one of interna of interna 
tional rating agencies at the level not below B according to the classification of Standard & Poor’s or Fitch
Ratings, or B3 under the classification of Moody’s Investor’s Service. In view of this, the Bank of Russia
List will exclude organisations that are on the List of Systemically Important Institutions approved by the
governmental commission for increasing the sustainability of the development of the Russian economy,
as established by Russian Government Resolution No. 957 of December 15, 2008 (hereinafter systemi 
cally important organisations). Obligations of systemically important organisations that secure the loans
provided by the Bank of Russia as of January 1, 2011 will remain as collateral for these loans until they are
paid back.
October 29
The Bank of Russia External & Public Relations Department reports that on October 29, 2010 the
Bank of Russia Board of Directors took a decision to leave the refinancing rate and interest rates on its op 
erations unchanged.
In October 2010, inflation slightly slowed down: during the first 25 days of the month, the rates of
growth in consumer prices dropped to 0.5% from 0.9% in the same period of September , which testi 
fies to a gradual decrease in inflationary expectations caused by a sharp rise in the prices of some food
products. Annual inflation reached 7.5% on October 25, which is largely explained by the so called ‘base
effect’ of the previous year. The Bank of Russia believes that inflation risks attributable to the monetary
Bank of Russia press releases on monetary policy measures
2010 Q4 25
factors are currently at an acceptable level while the efforts to make the exchange rate setting mechanism
more flexible, along with the planned cuts in the federal budget deficit next year and the use of the market
mechanisms of its financing can help create conditions for the mitigation of these risks.
The data testify to the recovery of economic growth in Russia, although risks still remain for the
sustainability of this process. In September , industrial output expanded further , fixed capital investment
growth rates remained high and lending activity in the economy continued to recover amid cuts in interest
rates on loans to non financial organisations.
At the same time, consumer demand slightly weakened in September: retail trade turnover decreased
in real terms from the previous month, especially retail trade in food products, and the annual rates of its
growth continued to decline. The deterioration of consumer expectations, which was registered in the
data for the third quarter of 2010, and the slowing of growth in household real money income contrib 
uted to this process. The weakening of consumer demand that can be currently observed, and also the
uncertainty about the prospects of the development of the external economic situation create additional
risks for economic growth.
In view of the above mentioned, the Bank of Russia deems it possible to maintain its accommodative
monetary policy in the coming months to support internal factors of growth.
The next meeting of the Bank of Russia Board of Directors to consider interest rate policy is scheduled
for November 2010.
November 2010
November 2
The Bank of Russia External & Public Relations Department reports about changes in the procedure of
holding operations with Bank of Russia bonds (OBRs). In compliance with its decision, the Bank of Russia
will switch to the issue of three month OBR bonds and will offer them as frequently as every two months.
Also, considering that liquidity on the secondary market of OBR bonds has increased, the Bank of
Russia will stop performing the functions of a market maker from December 15, 2101 and, consequently,
will cease to make regular quotations of buy and sell prices for OBR bonds in the secondary market.
The Bank of Russia’s decisions aim to raise the efficiency of its monetary policy by increasing the im 
pact of its operations on short term interest rates in the money market.
November 26
The Bank of Russia External & Public Relations Department reports that on November 26, 2010 the
Bank of Russia took a decision to keep the refinancing rate and interest rates on its operations unchanged.
Annual inflation increased to 7.8% as of November 22, 2010 from 7.5% in October. The growth of
food prices, largely caused by the persisting effect of unfavourable weather conditions in the summer and
the rise of world prices for agricultural raw materials, made the biggest contribution to the acceleration of
inflation. At the same time, the annual rates of growth in consumer prices for non food products stabilised
at a relatively low level in the past few months. The Bank of Russia believes that inflation risks caused by
monetary factors are currently at an acceptable level and will continue monitoring the impact of various
factors on inflation processes.
The statistical data for October reflected the continuation of major macroeconomic trends. Some pro 
duction indicators testified to the continued recovery of economic activity. October saw growth in the
industrial output index and the expansion of fixed capital investment, while bank lending to the economy
continued to increase amid a noticeable decrease in the cost of borrowings.
At the same time, consumer demand indicators continued to demonstrate negative dynamics in Oc 
tober: the annual rates of growth in retail trade turnover and the value of paid services provided to house 
holds continued to slow down and household real disposable money income decreased as compared with
October 2009.
26 2010 Q4
Taking into account the risks posed by the weakening consumer demand and uncertain foreign mar 
ket conditions for Russia’s economic growth, which was unstable in the third quarter of this year and
demonstrated slower GDP growth, the Bank of Russia deems it possible to continue its accommodative
monetary policy measures aimed at supporting internal factors of growth.
The next meeting of the Bank of Russia Board of Directors to consider interest rate policy is scheduled
for December 2010.
December 2010
December 17 (extract from the press release)
The Bank of Russia External & Public Relations Department reports that in compliance with the deci 
sion by the Bank of Russia Monetary Policy Committee (minutes No. 15 of October 26, 2010), the Bank
of Russia will suspend from January 1, 2011 auctions for three month deposits.
December 24 (extract from the press release)
The Bank of Russia External & Public Relations Department reports that on December 24, 2010 the
Bank of Russia Board of Directors took a decision to leave unchanged the refinancing rate and interest rates
on the Bank of Russia operations to provide liquidity, and simultaneously raise interest rates on its deposit
operations by 0.25 percentage points from December 27, 2010.
Annual inflation reached 8.4% as of December 20 as compared with 8.1% in November. According
to the Bank of Russia’s estimates, annual inflation will not exceed last year’s level as of the end of 2010.
The growth of food prices supported by the rise of prices on world commodity markets made the big 
gest contribution to inflation. Currently, considering the dynamics of the major monetary indicators, in
particular , the persisting trend of slower growth in monetary aggregates, the Bank of Russia believes that
inflation risks attributable to monetary factors remain moderate but need to be watched more closely by
the monetary authorities.
Major trends in the dynamics of other indicators reflecting the recovery of the Russian economy con 
tinued in November. Annual growth in industrial output continued to accelerate as compared with the
previous month. The growth of fixed capital investment slightly slowed in November after the period of
steady acceleration but remained at a relatively high level. The annual rates of growth in household real
money income and retail trade turnover slightly increased in November.
Bank lending to the economy continued to expand. At the same time, interest rates on bank loans to
non financial organisations reached a record low level, declining almost twofold from their peak levels in
the height of the crisis, which was caused by the accommodative monetary policy and the general recovery
of lending activity.
Considering the persistence of the major macroeconomic trends and the current balance of external
and internal inflation risks, the Bank of Russia deemed it possible to leave unchanged the interest rates on
its refinancing operations to contribute to economic growth recovery.
At the same time, the decision to narrow the Bank of Russia interest rate band by increasing the
interest rates on its deposit operations aims to raise the efficiency of its interest rate policy, which will be
facilitated, in particular , by the larger flexibility of the ruble exchange rate achieved this year. Considering
the current money market trends and current bank liquidity factors, this change, in the Bank of Russia’s
estimates, will hardly increase considerably borrowing costs for final borrowers but will eventually reduce
market interest rate volatility.
The next meeting of the Bank of Russia Board of Directors to consider interest rate policy is scheduled
for January 2011.
2010 Q4 27
Statistical Addendum
Table 1
Consumer prices by group of goods and services
(month on month, %)
Monthly
inflation
Core
inflation
Food price
growth
Food price
growth 1
Vegetable
and fruit price
growth
Non-food
price growth
Growth in non-
food prices,
excluding petrol
prices 2
Service price
growth
January 2.3 1.1 1.9 1.2 8.3 0.6 0.6 5.4
February 1.2 1.0 1.7 1.3 5.1 0.6 0.6 1.4
March 1.2 1.1 2.0 1.5 5.9 0.7 0.7 0.6
April 1.4 1.3 2.2 1.8 5.5 0.9 0.7 1.0
May 1.4 1.1 2.1 1.5 6.4 0.8 0.6 1.0
June 1.0 0.9 1.1 1.2 0.4 0.7 0.5 1.1
July 0.5 0.8 0.1 1.0 -6.7 0.7 0.5 0.9
August 0.4 1.0 -0.2 1.2 -11.3 0.6 0.6 0.9
September 0.8 1.4 0.7 1.5 -6.4 0.7 0.8 1.0
October 0.9 1.3 1.6 1.8 -0.4 0.8 1.0 0.0
November 0.8 1.1 1.3 1.3 1.0 0.5 0.9 0.7
December 0.7 0.8 1.0 1.0 1.7 0.1 0.6 1.0
Full year (December on December) 13.3 13.6 16.5 17.5 7.7 8.0 8.4 13.3
January 2.4 1.3 1.4 1.1 4.7 0.7 1.0 6.3
February 1.7 1.6 1.9 1.5 4.9 1.6 1.8 1.4
March 1.3 1.4 1.7 1.4 4.5 1.4 1.6 0.6
April 0.7 0.8 0.7 0.8 -0.1 1.0 1.1 0.3
May 0.6 0.5 0.7 0.3 4.1 0.7 0.8 0.3
June 0.6 0.3 0.5 0.1 3.9 0.8 0.3 0.5
July 0.6 0.3 0.6 0.2 3.2 0.6 0.2 0.8
August 0.0 0.5 -0.9 0.4 -11.0 0.6 0.4 0.4
September 0.0 0.5 -0.8 0.4 -11.5 0.7 0.6 0.1
October 0.0 0.3 -0.5 0.0 -6.1 0.6 0.7 -0.1
November 0.3 0.3 0.3 0.2 0.9 0.4 0.4 0.1
December 0.4 0.4 0.6 0.3 3.0 0.2 0.3 0.5
Full year (December on December) 8.8 8.3 6.1 6.9 -1.7 9.7 9.8 11.6
January 1.6 0.5 1.4 0.8 7.2 0.2 0.3 3.9
February 0.9 0.5 1.3 0.8 5.6 0.3 0.3 1.0
March 0.6 0.5 1.0 0.7 4.2 0.4 0.4 0.4
April 0.3 0.2 0.3 0.2 1.1 0.3 0.3 0.2
May 0.5 0.1 0.7 -0.1 7.2 0.4 0.3 0.4
June 0.4 0.2 0.5 0.0 4.6 0.2 0.2 0.4
July 0.4 0.4 0.3 0.4 -0.6 0.3 0.2 0.6
August 0.6 0.7 0.9 1.2 -1.4 0.4 0.4 0.3
September 0.8 1.1 1.6 1.8 0.2 0.6 0.6 0.0
October 0.5 0.8 0.7 1.0 -1.8 0.6 0.7 0.0
November 0.8 0.7 1.4 1.0 4.0 0.7 0.7 0.2
December 1.1 0.7 2.1 1.2 8.6 0.5 0.5 0.4
Full year (December on December) 8.8 6.6 12.9 9.4 45.6 5.0 4.9 8.1
1 Excluding vegetables and fruit.
2 Bank of Russia estimate.
Note. T ables 1 to 7 are based on Rosstat data and Bank of Russia calculations.
28 2010 Q4
Table 2
Consumer prices by group of goods and services
(since start of year on accrual basis, %)
Monthly
inflation
Core
inflation
Food price
growth
Food price
growth 1
Vegetable
and fruit price
growth
Non-food
price growth
Growth in non-
food prices,
excluding petrol
prices 2
Service price
growth
January 2.3 1.1 1.9 1.2 8.3 0.6 0.6 5.4
February 3.5 2.1 3.6 2.5 13.9 1.2 1.2 6.8
March 4.8 3.2 5.7 4.0 20.6 2.0 1.9 7.5
April 6.3 4.5 8.0 5.9 27.2 2.9 2.6 8.5
May 7.7 5.7 10.2 7.5 35.4 3.7 3.2 9.6
June 8.7 6.7 11.4 8.7 36.0 4.4 3.7 10.8
July 9.3 7.6 11.5 9.8 26.9 5.2 4.2 11.9
August 9.7 8.6 11.3 11.2 12.5 5.8 4.9 12.9
September 10.6 10.1 12.1 12.9 5.3 6.5 5.7 14.1
October 11.6 11.5 13.9 14.9 4.8 7.3 6.8 14.1
November 12.5 12.7 15.3 16.3 5.9 7.8 7.8 14.8
December 13.3 13.6 16.5 17.5 7.7 8.0 8.4 13.3
January 2.4 1.3 1.4 1.1 4.7 0.7 1.0 6.3
February 4.1 2.9 3.3 2.6 9.8 2.3 2.8 7.8
March 5.4 4.3 5.0 4.0 14.7 3.8 4.5 8.5
April 6.2 5.2 5.8 4.8 14.6 4.8 5.7 8.7
May 6.8 5.7 6.5 5.1 19.3 5.5 6.5 9.1
June 7.4 6.0 7.0 5.2 24.0 6.3 6.9 9.6
July 8.1 6.3 7.6 5.4 28.0 7.0 7.1 10.5
August 8.1 6.8 6.6 5.8 14.0 7.6 7.6 10.9
September 8.1 7.3 5.8 6.3 0.8 8.3 8.2 11.0
October 8.1 7.6 5.2 6.3 -5.4 9.0 9.0 10.9
November 8.4 8.0 5.5 6.5 -4.5 9.4 9.4 11.1
December 8.8 8.3 6.1 6.9 -1.7 9.7 9.8 11.6
January 1.6 0.5 1.4 0.8 7.2 0.2 0.3 3.9
February 2.5 1.0 2.7 1.6 13.2 0.5 0.6 5.0
March 3.2 1.5 3.8 2.3 18.0 0.9 1.0 5.4
April 3.5 1.7 4.1 2.5 19.3 1.3 1.3 5.6
May 4.0 1.8 4.8 2.4 27.9 1.7 1.7 6.0
June 4.4 2.0 5.4 2.4 33.8 1.9 1.9 6.4
July 4.8 2.4 5.7 2.8 32.9 2.2 2.1 7.0
August 5.4 3.1 6.6 4.1 31.0 2.5 2.5 7.3
September 6.2 4.3 8.4 5.9 31.3 3.1 3.1 7.4
October 6.8 5.1 9.1 7.0 28.9 3.8 3.8 7.4
November 7.6 5.8 10.6 8.1 34.0 4.5 4.5 7.6
December 8.8 6.6 12.9 9.4 45.6 5.0 4.9 8.1
1 Excluding vegetables and fruit.
2 Bank of Russia estimate.
Statistical Addendum
2010 Q4 29
Table 3
Consumer prices by group of goods and services
(month on corresponding month of previous year, %)
Monthly
inflation
Core
inflation 1
Food price
growth
Food price
growth 2
Vegetable
and fruit price
growth
Non-food
price growth
Growth in non-
food prices,
excluding petrol
prices 1
Service price
growth
January 12.6 11.5 16.7 15.7 27.2 6.8 6.6 14.1
February 12.7 12.1 17.6 16.5 29.1 7.0 6.8 12.7
March 13.3 12.7 19.1 17.6 32.6 7.4 7.1 12.7
April 14.3 13.5 20.8 19.1 35.6 8.0 7.4 13.3
May 15.1 14.5 22.1 20.8 33.9 8.4 7.7 13.9
June 15.1 15.1 21.3 21.7 19.9 8.9 7.9 14.4
July 14.7 15.0 19.8 21.2 9.8 9.2 8.0 14.7
August 15.0 14.8 20.2 20.8 16.1 9.2 8.1 15.2
September 15.0 14.5 19.9 20.0 19.0 9.1 8.1 15.9
October 14.2 13.7 17.9 18.0 17.5 9.1 8.2 15.7
November 13.8 13.7 17.2 17.7 11.9 8.6 8.4 15.8
December 13.3 13.6 16.5 17.5 7.7 8.0 8.4 13.3
January 13.4 13.9 15.9 17.3 4.1 8.1 8.9 16.9
February 13.9 14.6 16.1 17.6 3.8 9.2 10.2 17.0
March 14.0 14.9 15.8 17.4 2.5 9.9 11.2 17.0
April 13.2 14.4 14.1 16.3 -3.0 10.0 11.7 16.2
May 12.3 13.6 12.5 14.9 -5.1 9.9 11.9 15.4
June 11.9 12.9 11.9 13.7 -1.8 9.9 11.7 14.6
July 12.0 12.3 12.4 12.7 8.7 9.8 11.4 14.5
August 11.6 11.7 11.6 11.8 9.1 9.9 11.2 13.9
September 10.7 10.8 9.9 10.6 3.2 9.9 11.0 12.8
October 9.7 9.6 7.6 8.7 -2.8 9.6 10.6 12.7
November 9.1 8.8 6.6 7.6 -2.9 9.6 10.0 12.1
December 8.8 8.3 6.1 6.9 -1.7 9.7 9.8 11.6
January 8.0 7.5 6.1 6.6 0.7 9.1 9.0 9.1
February 7.2 6.3 5.5 5.8 1.4 7.7 7.4 8.7
March 6.5 5.4 4.8 5.1 1.1 6.6 6.1 8.4
April 6.0 4.8 4.4 4.5 2.4 5.9 5.2 8.4
May 6.0 4.4 4.4 4.1 5.4 5.7 4.7 8.4
June 5.8 4.3 4.5 4.0 6.1 5.1 4.6 8.4
July 5.5 4.4 4.2 4.2 2.1 4.8 4.6 8.2
August 6.1 4.7 6.1 5.1 13.1 4.5 4.5 8.0
September 7.0 5.3 8.7 6.5 28.0 4.4 4.6 8.0
October 7.5 5.8 10.0 7.6 33.9 4.4 4.5 8.1
November 8.1 6.2 11.2 8.5 38.0 4.7 4.8 8.1
December 8.8 6.6 12.9 9.4 45.6 5.0 4.9 8.1
1 Bank of Russia estimate.
2 Excluding vegetables and fruit.
30 2010 Q4
Table 4
Inflation growth over period since start of year due to price changes
by group of goods and services (percentage points)
Foodstuffs 1 Non-food
products
Paid
services
Vegetables and
fruit
Inflation over
period, %
Core
inflation
Non-core
inflation 2
January 0.4 0.2 1.3 0.3 2.3 0.8 1.5
February 0.9 0.4 1.7 0.5 3.5 1.6 1.9
March 1.4 0.7 1.9 0.8 4.8 2.5 2.3
April 2.1 1.0 2.1 1.0 6.3 3.6 2.7
May 2.6 1.3 2.4 1.4 7.7 4.5 3.2
June 3.1 1.6 2.7 1.4 8.7 5.3 3.5
July 3.5 1.9 3.0 1.0 9.3 6.0 3.3
August 3.9 2.1 3.2 0.5 9.7 6.8 2.9
September 4.5 2.3 3.5 0.2 10.6 8.0 2.6
October 5.2 2.6 3.5 0.2 11.6 9.2 2.4
November 5.7 2.8 3.7 0.2 12.5 10.1 2.4
December 6.2 2.9 4.0 0.3 13.3 10.8 2.5
January 0.4 0.3 1.6 0.2 2.4 1.0 1.4
February 0.9 0.9 2.0 0.4 4.1 2.4 1.7
March 1.4 1.4 2.1 0.5 5.4 3.5 2.0
April 1.6 1.8 2.2 0.5 6.2 4.2 2.0
May 1.8 2.1 2.3 0.7 6.8 4.6 2.2
June 1.8 2.4 2.4 0.9 7.4 4.8 2.6
July 1.9 2.6 2.6 1.0 8.1 5.1 3.0
August 2.0 2.9 2.7 0.5 8.1 5.5 2.6
September 2.1 3.1 2.8 0.0 8.1 5.9 2.1
October 2.1 3.4 2.7 -0.2 8.1 6.1 1.9
November 2.2 3.5 2.8 -0.2 8.4 6.4 1.9
December 2.4 3.6 2.9 -0.1 8.8 6.7 2.1
January 0.3 0.1 1.0 0.3 1.6 0.4 1.2
February 0.6 0.2 1.3 0.5 2.5 0.8 1.7
March 0.8 0.3 1.4 0.6 3.2 1.2 2.0
April 0.9 0.5 1.4 0.7 3.5 1.4 2.1
May 0.8 0.6 1.5 1.0 4.0 1.5 2.5
June 0.8 0.7 1.7 1.2 4.4 1.6 2.8
July 1.0 0.8 1.8 1.2 4.8 1.9 2.8
August 1.4 0.9 1.9 1.1 5.4 2.5 2.8
September 2.0 1.1 1.9 1.1 6.2 3.5 2.8
October 2.4 1.4 1.9 1.0 6.8 4.1 2.7
November 2.8 1.6 2.0 1.2 7.6 4.7 2.9
December 3.2 1.8 2.1 1.6 8.8 5.3 3.5
1 Excluding vegetables and fruit.
2 Growth in prices of goods and paid services not included in the calculation of the core consumer price index.
Statistical Addendum
2010 Q4 31
Table 5
Monthly inflation growth due to price changes
by group of goods and services (percentage points)
Foodstuffs 1 Non-food
products
Paid
services
Vegetables
and fruit
Inflation over
period, %
Core
inflation
Non-core
inflation 2
January 0.4 0.2 1.3 0.3 2.3 0.8 1.5
February 0.4 0.2 0.3 0.2 1.2 0.8 0.4
March 0.5 0.3 0.2 0.3 1.2 0.8 0.3
April 0.6 0.3 0.3 0.2 1.4 1.0 0.4
May 0.5 0.3 0.3 0.3 1.4 0.9 0.5
June 0.4 0.3 0.3 0.0 1.0 0.7 0.2
July 0.4 0.2 0.2 -0.3 0.5 0.7 -0.1
August 0.4 0.2 0.2 -0.5 0.4 0.8 -0.4
September 0.5 0.2 0.3 -0.3 0.8 1.1 -0.3
October 0.6 0.3 0.0 0.0 0.9 1.1 -0.2
November 0.4 0.2 0.2 0.0 0.8 0.8 0.0
December 0.4 0.0 0.2 0.1 0.7 0.6 0.1
January 0.4 0.3 1.6 0.2 2.4 1.0 1.4
February 0.5 0.6 0.4 0.2 1.7 1.3 0.3
March 0.5 0.5 0.2 0.2 1.3 1.1 0.2
April 0.3 0.4 0.1 0.0 0.7 0.7 0.0
May 0.1 0.3 0.1 0.2 0.6 0.4 0.2
June 0.0 0.3 0.1 0.2 0.6 0.2 0.4
July 0.1 0.2 0.2 0.1 0.6 0.2 0.4
August 3 0.0
September 3 0.0
October 3 0.0
November 0.1 0.1 0.0 0.0 0.3 0.3 0.0
December 0.1 0.1 0.1 0.1 0.4 0.3 0.1
January 0.3 0.1 1.0 0.3 1.6 0.4 1.2
February 0.3 0.1 0.3 0.2 0.9 0.4 0.5
March 0.2 0.1 0.1 0.2 0.6 0.4 0.3
April 0.1 0.1 0.1 0.0 0.3 0.2 0.1
May 0.0 0.1 0.1 0.3 0.5 0.1 0.4
June 0.0 0.1 0.1 0.2 0.4 0.2 0.3
July 0.1 0.1 0.2 0.0 0.4 0.3 0.1
August 0.4 0.1 0.1 -0.1 0.6 0.6 0.0
September 0.6 0.2 0.0 0.0 0.8 0.9 -0.1
October 0.4 0.2 0.0 -0.1 0.5 0.6 -0.1
November 0.3 0.2 0.1 0.2 0.8 0.6 0.3
December 0.4 0.2 0.1 0.4 1.1 0.6 0.5
1 Excluding vegetables and fruit.
2 Growth in prices of goods and paid services not included in the calculation of the core consumer price index.
3 Owing to zero inflation in August-October 2009, estimates may vary.
32 2010 Q4
Table 6
Contribution to inflation growth over period since start of year
by group of goods and services (%)
Foodstuffs 1 Non-food products Paid services Vegetables and fruit Core inflation Non-core inflation 2
January 18.9 9.3 58.1 13.7 36.2 63.8
February 25.1 12.1 47.9 14.9 46.1 53.9
March 29.7 14.7 39.0 16.6 52.7 47.3
April 33.0 16.5 33.9 16.6 57.0 43.0
May 34.2 17.1 31.1 17.6 58.5 41.5
June 35.2 18.2 30.8 15.7 60.5 39.5
July 37.3 19.9 31.7 11.1 64.4 35.6
August 40.6 21.4 33.0 5.0 70.5 29.5
September 43.0 22.0 33.1 1.9 75.7 24.3
October 45.3 22.9 30.2 1.6 79.2 20.8
November 46.0 22.6 29.6 1.8 80.8 19.2
December 46.4 21.6 29.8 2.2 81.5 18.5
January 15.6 11.3 66.2 7.0 42.3 57.7
February 22.1 21.5 47.9 8.6 57.7 42.3
March 25.3 26.1 38.9 9.7 64.0 36.0
April 26.7 29.3 35.5 8.5 67.9 32.1
May 25.9 30.5 33.4 10.2 67.5 32.5
June 24.1 31.9 32.4 11.6 65.0 35.0
July 23.0 32.3 32.3 12.4 62.6 37.4
August 24.7 35.3 33.8 6.2 67.6 32.4
September 26.7 38.7 34.2 0.4 73.3 26.7
October 26.6 41.9 33.8 -2.4 76.3 23.7
November 26.7 42.2 33.0 -1.9 76.7 23.3
December 26.7 41.0 33.0 -0.7 76.4 23.6
January 17.3 4.7 61.6 16.3 25.6 74.4
February 22.2 7.3 51.4 19.1 31.6 68.4
March 25.2 10.4 43.9 20.6 37.4 62.6
April 25.0 13.2 41.7 20.2 39.8 60.2
May 20.9 15.3 38.5 25.3 37.2 62.8
June 19.0 15.8 37.5 27.7 37.2 62.8
July 20.5 16.6 38.0 24.9 40.4 59.6
August 26.4 17.3 35.4 20.9 47.1 52.9
September 32.9 18.3 30.6 18.2 55.5 44.5
October 35.9 20.5 28.2 15.5 60.5 39.5
November 36.7 21.6 25.7 16.1 61.5 38.5
December 36.9 20.8 23.6 18.7 60.4 39.6
1 Excluding vegetables and fruit.
2 Growth in prices of goods and paid services not included in the calculation of the core consumer price index.
Statistical Addendum
2010 Q4 33
Table 7
Contribution to monthly inflation growth
by group of goods and services (%)
Foodstuffs 1 Non-food products Paid services Vegetables and fruit Core inflation Non-core inflation 2
January 18.9 9.3 58.1 13.7 36.2 63.8
February 36.8 17.4 28.5 17.3 64.9 35.1
March 43.2 22.6 12.8 21.4 72.2 27.8
April 43.5 22.0 17.6 16.9 70.3 29.7
May 39.1 20.1 18.9 21.9 65.2 34.8
June 42.7 26.5 28.7 2.2 74.5 25.5
July 69.6 47.5 45.8 -62.9 125.6 -25.6
August 122.9 59.3 67.5 -149.7 225.0 -125.0
September 69.7 29.4 34.5 -33.6 136.6 -36.6
October 69.5 32.2 -0.1 -1.7 116.9 -16.9
November 54.4 19.8 21.2 4.7 100.5 -0.5
December 50.8 5.9 34.3 8.9 91.7 8.3
January 15.6 11.3 66.2 7.0 42.3 57.7
February 31.2 35.9 22.0 10.9 79.5 20.5
March 35.2 40.0 11.7 13.1 83.0 17.0
April 37.5 53.9 9.3 -0.7 97.1 2.9
May 17.1 42.5 13.3 27.1 62.6 37.4
June 5.7 46.9 20.7 26.8 38.4 61.6
July 10.8 35.8 31.6 21.8 35.3 64.7
August 3
September 3
October 3
November 28.1 49.3 12.4 10.2 87.7 12.3
December 27.2 18.3 31.2 23.4 70.2 29.8
January 17.3 4.7 61.6 16.3 25.6 74.4
February 30.6 11.7 33.6 24.1 42.2 57.8
March 36.4 22.1 15.4 26.0 59.6 40.4
April 23.4 42.8 18.0 15.8 65.3 34.7
May -5.6 29.1 18.0 58.5 20.5 79.5
June 0.9 20.8 28.1 50.2 36.6 63.4
July 38.7 26.1 43.8 -8.5 79.6 20.4
August 75.8 22.8 13.2 -11.8 102.9 -2.9
September 72.6 25.0 1.4 1.0 107.1 -7.1
October 71.1 46.0 -0.8 -16.3 119.3 -19.3
November 42.4 30.1 6.3 21.2 68.8 31.2
December 38.1 15.6 10.2 36.0 53.3 46.7
1 Excluding vegetables and fruit.
2 Growth in prices of goods and paid services not included in the calculation of the core consumer price index.
3 Owing to zero inflation in August-October 2009, estimates may vary.
34 2010 Q4
Year Q1 Q2 Q3 Q4
Macroeconomic indicators
GDP,1
over period since start of year, billion rubles
2008 … … … 41,265
2009 8,403 17,692 28,204 38,797
2010 9,873 20,733 32,416 44,491
over period since start of year, as % of corresponding period of previous
year
2008 … … … 105.2
2009 90.7 89.8 90.4 92.2
2010 103.1 104.2 103.7 104.0
as % of corresponding quarter of previous year
2008 109.1 107.7 106.4 98.9
2009 90.7 89.0 91.4 97.1
2010 103.1 105.2 102.7
Industrial output indices
as % of corresponding quarter of previous year
2008 106.0 104.3 101.9 90.9
2009 84.5 86.4 90.4 101.8
2010 109.5 110.9 106.4 106.5
over period since start of year, as % of corresponding period of previous
year
2008 106.0 105.2 104.1 100.6
2009 84.5 85.5 87.1 90.7
2010 109.5 110.2 108.9 108.2
Agricultural output
as % of corresponding quarter of previous year
2008 105.5 106.9 113.0 111.3
2009 102.2 100.7 98.9 105.1
2010 103.6 102.3 80.3 91.8
over period since start of year, as % of corresponding period of previous
year
2008 105.5 … … 110.8
2009 102.2 101.3 100.0 101.4
2010 103.6 102.8 88.3 88.1
Fixed capital investment
over period since start of year, billion rubles
2008 1,314.6 3,306.1 5,675.1 8,781.6
2009 1,234.5 2,915.9 4,966.1 7,930.3
2010 1,262.6 3,174.1 5,566.2 9,105.1
as % of corresponding quarter of previous year
2008 123.4 117.6 112.3 98.7
2009 82.7 77.2 81.8 90.6
2010 95.9 105.3 107.2 109.8
Retail trade turnover
over period since start of year, billion rubles
2008 2,952.8 6,278.9 9,936.9 13,920.7
2009 3,324.0 6,836.9 10,530.1 14,602.5
2010 3,624.5 7,553.3 11,748.2 16,435.8
as % of corresponding quarter of previous year
2008 117.2 114.9 115.0 108.7
2009 100.4 94.9 91.4 94.5
2010 101.8 105.4 106.0 104.1
Federal budget on accrual
basis, as of end of period
revenue
billion rubles
2008 1,932.7 4,370.7 7,155.7 9,275.9
2009 1,732.7 3,172.2 5,114.4 7,337.8
2010 1,954.9 3,997.9 6,008.6 8,303.8 2
as % of GDP
2008 21.7 2 22.8 2 23.3 2 22.5
2009 20.6 2 17.9 2 18.1 2 18.9
2010 19.8 2 19.3 2 18.5,2 18.7 2
expenditure
billion rubles
2008 1,332.7 2,995.6 4,594.2 7,570.9
2009 1,762.4 3,893.8 6,441.7 9,660.1
2010 2,199.5 4,386.2 6,701.2 10,115.6 2
as % of GDP
2008 15.0 2 15.6 2 14.9 2 18.3
2009 21.0 2 22.0 2 22.8 2 24.9
2010 22.3 2 21.2 2 20.7 2 22.7 2
surplus(+)/
deficit(-)
billion rubles
2008 600.0 1,375.1 2,561.5 1,705.1
2009 -29.7 -721.7 -1,327.2 -2,322.3
2010 -244.6 -388.3 -692.6 -1,811.8 2
as % of GDP
2008 6.7 2 7.2 2 8.3 2 4.1
2009 -0.4 2 -4.1 2 -4.7 2 -6.0
2010 -2.5 2 -1.9 2 -2.1 2 -4.1 2
General government budget
on accrual basis, as of end
of period
revenue
billion rubles
2008 3,334.2 7,543.7 12,178.9 16,169.1
2009 3,033.5 6,042.7 9,555.0 13,599.7
2010 3,463.1 7,603.5 11,419.4 15,715.9 2
as % of GDP
2008 37.5 2 39.4 2 39.6 2 39.2
2009 36.1 2 34.2 2 33.9 2 35.1
2010 35.1 2 36.7 2 35.2 2 35.3 2
expenditure
billion rubles
2008 2,335.9 5,515.5 8,741.5 14,157.0
2009 2,807.1 6,619.7 10,503.9 16,048.3
2010 3,220.7 7,331.2 11,309.8 17,301.0 2
as % of GDP
2008 26.2 2 28.8 2 28.4 2 34.3
2009 33.4 2 37.4 2 37.2 2 41.4
2010 32.6 2 35.4 2 34.9 2 38.9 2
surplus(+)/
deficit(-)
billion rubles
2008 998.4 2,028.1 3,437.4 2,012.1
2009 226.4 -577.0 -948.9 -2,448.6
2010 242.4 272.3 109.7 -1,585.1 2
as % of GDP
2008 11.2 2 10.6 2 11.2 2 4.9
2009 2.7 2 -3.3 2 -3.4 2 -6.3
2010 2.5 2 1.3 2 0.3 2 -3.6 2
Table 8
Russia’s key macroeconomic and financial indicators
Note. T able 8 is based on data compiled by the Bank of Russia, the Federal State Statistics Service, the Ministry of Finance of the
Russian Federation and the Federal T reasury.
Statistical Addendum
2010 Q4 35
Year Q1 Q2 Q3 Q4
Socio-economic indicators
Nominal imputed average
monthly per employee wage
rubles
2008 15,424 16,962 17,556 18,966
2009 17,441 18,419 18,673 20,670
2010 19,485 20,809 21,031 23,045
as % of corresponding quarter of previous year
2008 128.0 129.2 129.0 119.5
2009 112.8 108.0 105.7 108.4
2010 110.5 112.4 111.6 110.7
over period since start of year, as % of corresponding period of previous
year
2008 128.0 … … 127.2
2009 112.8 110.3 108.6 107.8
2010 110.5 111.5 111.5 111.3
Real imputed average monthly per employee wage, as % of corresponding quarter of previous year
2008 113.4 112.5 112.2 105.0
2009 99.2 96.1 94.8 99.3
2010 103.1 106.1 105.1 102.4
Household money income (per capita monthly average), rubles
2008 12,278.1 14,828.4 15,662.4 16,965.2
2009 14,009.8 16,937.4 16,684.7 19,791.2
2010 15,950.9 18,540.7 18,380.8 22,016.7
Household real disposable
money income
as % of corresponding quarter of previous year
2008 107.8 106.1 104.9 93.7
2009 100.7 103.0 96.4 108.2
2010 107.4 103.6 104.4 102.4
over period since start of year, as % of corresponding period of previous
year
2008 107.8 … … 102.3
2009 100.7 101.9 99.9 102.1
2010 107.4 105.3 105.0 104.3
Household spending, as % of
income
purchase of goods and payment for services
2008 77.1 71.8 74.4 73.7
2009 76.6 67.1 71.2 65.1
2010 73.0 68.0 72.6 66.6
compulsory payments and contributions
2008 12.1 12.4 12.6 12.0
2009 11.2 10.4 10.9 9.9
2010 9.6 10.0 10.3 10.3
growth in savings
2008 8.3 7.1 4.6 2.2
2009 8.3 16.6 12.3 17.4
2010 15.9 15.3 11.7 15.5
purchase of foreign currency
2008 6.9 4.7 5.7 13.6
2009 10.2 3.5 6.0 3.5
2010 3.2 3.3 4.3 4.0
cash on hand
2008 -4.4 4.0 2.7 -1.5
2009 -6.3 2.4 -0.4 4.1
2010 -1.7 3.4 1.1 3.6
Average imputed pension, total, rubles
2008 3,823 4,044 4,383 4,545
2009 4,614 5,151 5,330 5,670
2010 7,126 7,580 7,596 7,604
Real imputed pension
as % of corresponding quarter of previous year
2008 119.0 113.9 122.7 116.9
2009 106.1 113.3 109.1 114.2
2010 144.1 138.9 134.3 124.1
over period since start of year, as % of corresponding period of previous
year
2008 119.0 … … 118.1
2009 106.1 109.8 109.5 110.7
2010 144.1 141.3 138.8 134.8
Total number of unemployed
(calculated using ILO
methodology)
million
2008 5.1 4.3 4.4 5.4
2009 6.8 6.5 6.0 6.1
2010 6.6 5.6 5.2 5.2
as % of economically active population
2008 6.7 5.6 5.9 7.1
2009 9.1 8.6 7.8 8.0
2010 8.8 7.4 6.8 6.9
Table 8 (continued)
36 2010 Q4
Year Q1 Q2 Q3 Q4
Foreign economic activity indicators
Price of Urals crude
over period since start of year, $/barrel
2008 93.7 105.3 107.6 93.9
2009 43.2 50.5 56.3 60.7
2010 75.0 75.8 75.8 78.2
as % of corresponding period of previous year
2008 173.7 176.3 168.2 135.1
2009 46.1 48.0 52.3 64.6
2010 173.7 150.1 134.7 128.9
Exports of goods
over period since start of year, $ billion
2008 110.1 236.8 373.6 471.6
2009 57.3 125.4 207.8 303.4
2010 92.2 189.7 287.4 398.0 3
as % of corresponding period of previous year
2008 153.6 152.4 152.5 133.1
2009 52.0 52.9 55.6 64.3
2010 161.1 151.3 138.3 131.2 3
Imports of goods
over period since start of year, $ billion
2008 60.2 135.7 218.6 291.9
2009 38.5 82.4 131.5 191.8
2010 45.7 103.9 172.5 248.8 3
as % of corresponding period of previous year
2008 140.8 142.0 142.0 130.6
2009 63.9 60.7 60.1 65.7
2010 118.8 126.1 131.2 129.7 3
Current account balance (over period since start of year), $ billion
2008 38.7 65.6 95.1 103.7
2009 9.7 17.9 33.3 49.4
2010 33.3 52.3 58.3 72.6 3
Private sector net capital outflow (inflow) (over period since start of year), $ billion
2008 -24.4 15.7 -3.6 -133.9
2009 -35.0 -31.6 -65.4 -56.9
2010 -14.7 -11.9 -15.6 -38.3 3
Foreign investment in Russia’s non-financial sector
(Rosstat data)
over period since start of year, $ billion
2008 17.3 46.5 75.8 103.8
2009 12.0 32.2 54.7 81.9
2010 13.1 30.4 47.5 114.7
as % of corresponding period of previous year
2008 70.1 77.1 86.2 85.8
2009 69.7 69.1 72.2 79.0
2010 109.3 94.5 86.8 140.1
of which:
direct
over period since start of year, $ billion
2008 5.6 11.1 19.2 27.0
2009 3.2 6.1 10.0 15.9
2010 2.6 5.4 8.2 13.8
as % of corresponding period of previous year
2008 57.2 70.0 97.7 97.2
2009 57.0 55.0 51.9 58.9
2010 82.4 89.0 82.2 86.8
portfolio
over period since start of year, $ billion
2008 0.1 1.2 1.3 1.4
2009 0.1 0.9 1.0 0.9
2010 0.3 0.7 0.9 1.1
as % of corresponding period of previous year
2008 62.5 104.4 83.7 33.7
2009 93.5 74.9 78.6 62.3
2010 2.5 times 81.1 85.0 121.9
other
over period since start of year, $ billion
2008 11.5 34.3 55.3 75.3
2009 8.7 25.2 43.7 65.1
2010 10.2 24.3 38.4 99.9
as % of corresponding period of previous year
2008 78.7 79.0 82.8 84.7
2009 75.6 73.5 79.1 86.5
2010 117.1 96.2 87.8 153.3
Russia’s international reserves (as of end of period), $ billion
2008 512.6 569.0 556.8 426.3
2009 383.8 412.5 413.4 439.5
2010 447.4 461.2 490.1 479.4
Real ruble exchange rate indices (last month of
quarter), growth as % of December of previous
year 4
ruble vs. US dollar
2008 6.5 8.5 3.2 -1.1
2009 -15.4 -5.0 -3.9 -0.4
2010 3.6 -0.7 2.0 4.0
ruble vs. euro
2008 0.6 3.4 6.2 5.0
2009 -12.0 -7.0 -9.0 -6.5
2010 11.7 18.6 14.5 14.5
effective rate
2008 1.5 3.3 3.0 4.3
2009 -10.0 -4.2 -5.6 -3.9
2010 7.4 9.7 6.8 6.9
Table 8 (continued)
Statistical Addendum
2010 Q4 37
Year Q1 Q2 Q3 Q4
Financial market indicators (including Sberbank interest rates)
Average for period
Overnight interbank credit
rate, % p.a.
in rubles
2008 3.9 4.1 6.0 8.6
2009 11.6 7.7 7.1 5.5
2010 4.2 3.1 2.6 2.9
in US dollars
2008 3.2 2.2 2.2 0.7
2009 0.2 0.2 0.2 0.2
2010 0.2 0.3 0.3 0.3
OFZ yields, % p.a. 5
2008 6.7 6.9 7.5 8.7
2009 10.5 10.3 10.6 9.1
2010 7.9 7.4 7.3 7.4
Interest rate on household
time deposits, % p.a.
up to 1 year in rubles
2008 7.0 7.1 7.5 9.0
2009 10.0 10.8 10.7 10.2
2010 8.5 7.1 6.0 5.6
over 1 year in rubles
2008 7.4 8.0 8.5 9.1
2009 10.0 10.3 9.3 9.2
2010 7.7 6.2 5.3 4.8
up to 1 year in US dollars
2008 5.1 5.8 5.3 6.5
2009 6.0 5.3 5.5 5.2
2010 4.3 3.7 3.6 3.7
over 1 year in US dollars
2008 6.9 7.0 7.1 7.8
2009 6.5 6.1 5.7 5.5
2010 4.9 4.8 4.4 4.7
Interest rate on credit to non-
financial organisations, % p.a.
up to 1 year in rubles
2008 10.9 11.2 12.0 14.9
2009 16.6 15.8 14.9 13.9
2010 12.8 11.4 10.0 9.1
over 1 year in rubles
2008 12.3 12.8 13.6 13.8
2009 15.1 16.2 15.8 14.7
2010 13.9 12.3 11.4 10.5
up to 1 year in US dollars
2008 8.1 8.0 8.9 10.9
2009 10.7 10.1 10.0 9.3
2010 8.3 7.5 6.9 6.1
over 1 year in US dollars
2008 9.3 9.9 9.4 11.3
2009 12.7 11.6 10.7 9.0
2010 10.3 8.8 7.4 8.0
Interest rate on ruble-denominated promissory notes discounted by banks, % p.a. 2008 10.7 11.0 12.1 14.1
2009 15.7 14.3 14.0 11.8
Interest rate on ruble-denominated promissory notes issued by non-financial organisations and discounted
by credit institutions, % p.a. 6 2010 14.1 11.6 10.8 10.2
Interest rate on ruble-denominated promissory notes issued by credit institutions and discounted by cred-
it institutions, % p.a. 6 2010 9.3 7.8 7.4 7.5
MICEX rate in «tomorrow» trades, ruble/US dollar
2008 24.2286 23.6190 24.2718 27.2941
2009 34.4761 32.2032 31.3160 29.4737
2010 29.8318 30.2891 30.6072 30.7248
As of end of quarter
RTS index, points
2008 2,053.93 2,303.34 1,211.84 631.89
2009 689.63 987.02 1,254.52 1,444.61
2010 1,572.48 1,339.35 1,507.66 1,770.28
Refinance rate, % p.a.
2008 10.25 10.75 11.00 13.00
2009 13.00 11.50 10.00 8.75
2010 8.25 7.75 7.75 7.75
Table 8 (continued)
38 2010 Q4
Table 8 (end)
Year 1.01 1.04 1.07 1.10
Monetary indicators
M0, billion rubles
2009 3,794.8 3,278.3 3,522.5 3,485.6
2010 4,038.1 3,986.1 4,367.7 4,524.5
2011 5,062.7
M2, billion rubles
2009 13,493.2 12,111.7 13,161.0 13,649.5
2010 15,697.7 15,996.5 17,190.3 17,909.2
2011 20,173.5
Broad money, billion rubles
2009 16,774.7 16,308.4 17,055.4 17,523.4
2010 19,520.1 19,652.8 20,841.3 21,537.8
2011 23,952.5
Net foreign assets, billion rubles
2009 12,191.4 12,881.1 13,043.1 13,232.1
2010 13,922.9 13,765.6 14,742.8 15,040.7
2011 14,979.5
Domestic claims, billion rubles
2009 10,645.1 10,307.4 11,076.4 11,716.8
2010 13,345.8 13,474.8 14,306.0 15,183.2
2011 17,544.6
Broad monetary base, billion rubles
2009 5,578.7 4,298.8 4,967.6 4,803.7
2010 6,467.3 6,363.9 7,195.0 7,126.0
2011 8,190.3
Balances of correspondent accounts, billion rubles
2009 1,027.6 431.7 471.4 545.4
2010 900.3 579.5 603.6 590.0
2011 994.7
Monetisation of the economy (by M2 aggregate), %
2009 32.9 32.7 33.1 33.5
2010 33.8 34.4 35.5 36.9
2011 37.5 2
Money multiplier
by broad monetary base
2009 2.42 2.82 2.65 2.84
2010 2.43 2.51 2.39 2.51
2011 2.46
change since start of year, %
2009 0.5 7 16.5 9.5 17.5
2010 0.4 7 3.6 -1.6 3.5
2011 1.5,7
Foreign exchange rates
rubles per US dollar
2009 29.39 33.90 31.04 30.01
2010 30.19 29.50 31.26 30.51
2011 30.35
rubles per euro
2009 41.43 44.89 43.85 43.89
2010 43.46 39.57 38.21 41.44
2011 40.49
1 The quarterly results along with the yearly data will be provided later.
2 Preliminary data.
3 Estimate.
4 (+) signifies appreciation of the ruble, (-) signifies depreciation of the ruble.
5 OFZ effective market portfolio indicator.
6 Owing to the coming into force of Bank of Russia Instruction No. 2332-U of November 12, 2009, the set of indicators used to characterise credit institutions’ interest rate policy on the
promissory note market changed from January 2010. Specifically, the single yield indicator for the promissory notes discounted by banks has been replaced by two indicators: the yield
indicator for promissory notes issued by credit institutions and the yield indicator for promissory notes issued by non-financial organisations. These indicators are calculated only for
operations with ruble-denominated promissory notes.
7 Relative to beginning of previous year.
Statistical Addendum
2010 Q4 39
Table 9
Bank of Russia interest rates in 2010 (% p.a.)
Instrument Liquidity provision/
absorption period
From
1.01.10
to 23.02.10
From
24.02.10
to 28.03.10
From
29.03.10
to 29.04.10
From
30.04.10
to 31.05.10
From
1.06.10
to 26.12.10
From
27.12.10
to 31.12.10
Providing liquidity at offered bids (including by auction)
Repo operations 1
1 day 6.00 5.75 5.50 5.25 5.00 5.00
7 days 6.00 5.75 5.50 5.25 5.00 5.00
3 months 7.50 7.25 7.00 6.75 6.50 6.50
6 months 8.00 7.75 7.50 7.25 7.00 7.00
1 year 8.50 8.25 8.00 7.75 7.50 7.50
Currency swap operations 2 1 day 8.75 8.50 8.25 8.00 7.75 7.75
Unsecured loans up to 1 year Minimum rate is set when auction is announced
Lombard loans 1, 3
7 days 5.25 5.00 5.00
14 days 6.00 5.75 5.50
3 months 7.50 7.25 7.00 6.75 6.50 6.50
6 months 8.00 7.75 7.50 7.25 7.00 7.00
1 year 8.50 8.25 8.00 7.75 7.50 7.50
Providing liquidity at fixed rates
Overnight loans 3, 4 1 day 8.75 8.50 8.25 8.00 7.75 7.75
Lombard loans 3
1 day 7.75 7.50 7.25 7.00 6.75 6.75
7 days 7.75 7.50 7.25 7.00 6.75 6.75
30 days 7.75 7.50 7.25 7.00 6.75 6.75
Repo operations
1 day 7.75 7.50 7.25 7.00 6.75 6.75
7 days 7.75 7.50 7.25 7.00 6.75 6.75
1 year 8.50 8.25 8.00 7.75 7.50 7.50
Loans secured by «non-market» assets
or guarantees 4
up to 90 days 7.75 7.50 7.25 7.00 6.75 6.75
91 to 180 days 8.25 8.00 7.75 7.50 7.25 7.25
181 to 365 days 8.50 8.25 8.00 7.75 7.50 7.50
Absorbing liquidity at fixed rates
Deposit operations
Overnight 2.75 2.50 2.50 2.75
Tom-next, spot-next and demand 3.50 3.25 3.00 2.75 2.50 2.75
1 week, spot-week 4.00 3.75 3.50 3.25 2.75 3.00
1 Minimum interest rate set by the Bank of Russia Board of Directors.
2 Interest rate set on the ruble part when determining the minimum offered swap difference.
3 Pursuant to Bank of Russia Regulation No. 236-P of August 4, 2003.
4 Pursuant to Bank of Russia Regulation No. 312-P of November 12, 2007.
40 2010 Q4
Table 10
Credit institutions’ required reserve ratios (from July 1, 2007 to October 31, 2009, %)
Required reserve ratio for bank obligations
to non-resident banks in Russian
and foreign currency
Required reserve ratio for obligations
to individuals in Russian currency
Required reserve ratio for other bank
obligations in Russian and foreign currency
July 1, 2007—October 10, 2007 4.5 4.0 4.5
October 11, 2007—January 14, 2008 3.5 3.0 3.5
January 15, 2008—February 29, 2008 4.5 4.0 4.5
March 1, 2008—June 30, 2008 5.5 4.5 5.0
July 1, 2008—August 31, 2008 7.0 5.0 5.5
September 1, 2008—September 17, 2008 8.5 5.5 6.0
September 18, 2008—October 14, 2008 4.5 1.5 2.0
October 15, 2008—April 30, 2009 0.5 0.5 0.5
May 1, 2009—May 31, 2009 1.0 1.0 1.0
June 1, 2009—June 30, 2009 1.5 1.5 1.5
July 1, 2009—July 31, 2009 2.0 2.0 2.0
August 1, 2009—October 31, 2009 2.5 2.5 2.5
Table 11
Credit institutions’ required reserve ratios
(from November 1, 2009 up to present, %)
Required reserve ratio for
bank obligations to non-
resident corporates in
Russian currency
Required reserve ratio for
bank obligations to non-
resident corporates in
foreign currency
Required reserve ratio for
obligations to individuals in
Russian currency
Required reserve ratio for
obligations to individuals in
foreign currency
Required reserve ratio for
other bank obligations in
Russian currency
Required reserve ratio for
other bank obligations in
foreign currency
November 1, 2009—
January 31, 2011 2.5
February 1, 2011— 3.5 3.0 3.0
© The Central Bank of the Russian Federation, 2011
Research and Information Department