CBR Quarterly Inflation Review - Q4 2011
Central bank: cbr | Type: quarterly_review | Date: 2011-12-31

THE CENTRAL BANK
OF THE RUSSIAN FEDERATION
(BANK OF RUSSIA)
Quarterly
Inflation
Review
2011 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 .......................................................................................................................... 7
Producer prices ......................................................................................................................... 7
Foreign trade ............................................................................................................................ 8
Demand ................................................................................................................................. 11
Supply .................................................................................................................................... 13
Employment and unemployment ............................................................................................... 13
Monetary.Conditions...................................................................................................16
Exchange rate ......................................................................................................................... 16
Interest rates ........................................................................................................................... 17
Asset prices ............................................................................................................................ 21
Monetary aggregates ............................................................................................................... 22
Credit aggregates .................................................................................................................... 24
Bank.of.Russia.press.releases.on.monetary.policy.measures..........................................25
Statistical.Addendum..................................................................................................30
2011 Q4 3
Introduction
In 2011, economic growth continued, with
GDP reaching the level of 2008. While external
demand for Russian products remained weak,
production growth was supported by higher con-
sumer and investment demand. However , accord-
ing to estimates, the demand was still below the
potential output.
Over 2011, the inflation rate of 6.1% was
in line with the target (6–7%) established in the
Guidelines for the Single State Monetary Policy in
2011 and for 2012 and 2013. In 2011 Q4, con-
sumer price growth continued to slow down due
to lower growth of food prices (generally due to
noticeably lower fruit and vegetable prices).
In 2011 Q4 and early 2012, the Bank of
Russia pursued monetary policy taking into ac -
count lower inflation and uncertainties of exter -
nal economic developments which created risks
for sustainable growth of the Russian economy.
In October-November 2011, the Bank of Russia
did not change interest rates on liquidity provision
and absorption operations. Based on assessment
of risk and in view of the need to ensure stability
of the banking sector in a transition from a sur -
plus to a deficit of liquidity, efforts were made to
facilitate access of credit institutions to refinanc -
ing instruments. In December 2011, while main-
taining a neutral stance of monetary policy, the
Bank of Russia narrowed the interest rate band by
symmetrically lowering fixed interest rates on in -
dividual refinancing instruments and raising fixed
interest rates on deposit operations to contain vol-
atility of money market rates. In February 2012,
the Bank of Russia did not change interest rates
on its operations.
In 2011 Q4, against the backdrop of wors -
ening debt crisis in the eurozone and instability
of the global financial market, the banking sec -
tor still had a deficit of ruble funds, only to affect
the situation in the domestic money market and
capital market. A rising demand for funding and
declining demand for securities triggered an inter-
est rate growth in the money market and credit
and deposit markets, with a downward pressure
on stock market prices.
Until late 2011, continued high credit activity
in the banking sector was the main factor behind
the dynamics of money supply. The increase in
banking sector net foreign assets also contributed
to money supply growth. In 2011, the impact of
the fiscal factor on money supply changed. A sig-
nificant decrease in net claims to the general gov-
ernment from the Bank of Russia (largely because
of funds accumulated in Bank of Russia accounts)
had a considerable containing effect on money
supply dynamics.
For most of 2011, monetary aggregate dy -
namics suggested a gradual decrease in inflation
risks attributable to monetary factors. Intensive
decline of annual growth rates of money supply
suspended in the closing months of 2011 which
may result in accumulation of moderate upward
inflation risks in the medium term.
4 2011 Q4
previous year , the relevant prices rose by 45.6%),
with an estimated downward effect of 1.0 per -
centage point, or 16.9%. In 2010, the price
growth in this group of foodstuffs pushed infla -
tion up 1.6 percentage points, or 18.7%.
In 2011, prices of food other than fruit and
vegetables increased by 7.4% (9.4% in 2010).
According to estimates, a price rise in this group
accounted for 2.5 percentage points, or 41.3%
of the inflation rate (estimated at 3.3 percentage
points, or 37.0% in 2010), with the most signifi-
cant increase of 8.9 – 10.3% observed in bread
and bakery products, meat and poultry, fish and
seafood (4.8 – 7.6% in 2010). Over 2011, prices
of a majority of other basic foodstuffs increased at
considerably lower rates than those observed in
the previous year. The prices of groats and beans
and granulated sugar went down.
Overall, food prices rose by 3.9% in 2011
(12.9% in 2010).
In 2011, amidst a vigorous consumer de -
mand, non-food and service prices grew at a
higher rate than in 2010, with 6.7% increase as
compared with 5.0% in the previous year. Ac -
cording to estimates, higher non-food prices ac -
counted for 2.4 percentage points, or 38.7% of
the inflation rate as compared with 1.8 percent -
age points, or 20.7% in 2010, the most signifi -
cant increase being registered in tobacco products
and petrol which grew at a rate of 21.1% and
14.9% respectively (in 2010, 19.5% and 6.5%
Over 2011, the inflation rate of 6.1% was
in line with the target (6–7%) established in the
Guidelines for the Single State Monetary Policy in
2011 and for 2012 and 2013.
Higher inflationary pressure from demand
was due to accelerated producer price growth
in mining prompted by rising energy prices in
the global market. At the same time, according
to estimates, aggregate demand was still below
the potential output and did not affect excessive
price pressure. Growth of agricultural output sup-
ported by stable or declining agricultural prices in
the global market had a favorable impact on price
dynamics in the domestic food market. The nomi-
nal effective exchange rate of the ruble which in-
creased over the year also contained price growth.
Consumer prices
In 2011, according to the Federal State Sta -
tistics Service, consumer price growth was 6.1%,
or 2.7 percentage points lower than in the previ -
ous year. The core inflation as in the previous year
amounted to 6.6%. In 2011, according to esti -
mates, a rise in the prices of goods and services
included into its calculation accounted for 5.3
percentage points, or 86.6% of inflation rate as
compared with 5.3 percentage points, or 60.3%
in 2010.
Lower inflation in 2011 as compared with
the previous year was primarily due to a 24.7%
decrease of fruit and vegetable prices (over the
Inflation Dynamics
Consumer price inflation
Growth, %
Change, percentage points
December 2011 on December 2010 December 2010 on December 2009
Prices of goods and services, total 6.1 8.8 Slowing of growth by 2.7
of which:
– food prices 3.9 12.9 Slowing of growth by 9.0
of which:
– food prices, excluding vegetable and fruit prices 7.4 9.4 Slowing of growth by 2.0
– non-food prices 6.7 5.0 Acceleration of growth by 1.7
– prices of paid services provided to households 8.7 8.1 Acceleration of growth by 0.6
Prices of goods and services included in core inflation calculation 6.6 6.6
Source: Rosstat.
Inflation Dynamics
2011 Q4 5
Over 2011, the growth rate of administered
and service prices was estimated at 10.9%, or
1.3 percentage points lower than in the previous
year. Housing and utility prices grew by 11.7% as
against 13.0% in 2010. Passenger transport fees
went up by 9.1% (8.7% in 2010).
In 2011, the price growth rate of paid servic-
es to households surpassed that of goods by 3.5
percentage points (in 2010, the price growth rate
of goods was 1.0 percentage point higher than
that of services).
According to Rosstat, consumer price growth
rate in all federal districts of Russia was lower in
2011 than in the previous year.
respectively). According to estimates, they ac -
counted for 1.5 percentage points, or 22.3% of
the total non-food price increase in 2011.
In 2011, the prices of paid services to house-
holds increased by 8.7% (8.1% in 2010). Ac -
cording to estimates, their growth accounted for
2.3 percentage points, or 36.9% of the overall
price increase in the consumer market (2.1 per -
centage points, or 23.6% of the inflation rate in
2010). In 2011, the price growth in a majority
of services included into the calculation of core
inflation accelerated, with the most significant
increase – 11.3% – observed in pre-school edu -
cation and cultural services (in 2010, 7.7% and
8.6% respectively).
Food price inflation
Growth, %
Change, percentage points
December 2011 on December 2010 December 2010 on December 2009
Foodstuffs 3.9 12.9 Slowing of growth by 9.0
Bread and bakery products 8.9 7.6 Acceleration of growth by 1.3
Groats and beans -8.0 58.8
Pasta 3.4 4.7 Slowing of growth by 1.3
Meat and poultry 9.2 5.3 Acceleration of growth by 3.9
Fish and seafood 10.3 4.8 Acceleration of growth by 5.5
Milk and dairy products 6.3 16.7 Slowing of growth by 10.4
Butter 6.6 23.3 Slowing of growth by 16.7
Sunflower oil 4.6 27.6 Slowing of growth by 23.0
Granulated sugar -25.5 22.5
Vegetables and fruit -24.7 45.6
Alcoholic beverages 8.4 8.3 Slowing of growth by 0.1
Source: Rosstat.
6 2011 Q4
In 2011, the price growth rates of food oth-
er than fruit and vegetables ranged from 6.7%
to 8.4% across federal districts while non-food
goods ranged from 5.8% to 7.3%.
In 2011, prices of fruit and vegetables went
down everywhere except the Far Eastern Federal
District. This group of foodstuffs was character -
ized by a considerable regional disparity of price
evolution, with relevant prices falling 30.0% in
the Central Federal District while increasing 0.1%
in the Far Eastern Federal District.
In 2011, the price growth of paid services to
households varied from 7.3% to 10.1% across
Estimates show that in December 2011 there
were larger differences between constituent ter -
ritories of the Russian Federation 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 purchasing power of the pop-
ulation. Thus, in December 2011 the regional dif-
ference ratio1 was 41.2% while being 38.4% a
year earlier.
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.
An analysis of price growth distributions1 is given to identify additional risks related to variability of price
dynamics of consumer basket components. Analysis demonstrated that goods and services where a lower price
increase was observed in 2008 – 2009 came to account for a larger share over the last two years. Moreover, the
share of goods and services with the price growth of 4% to 8% was practically the same at almost 40% in 2011
as compared with 2010.
The main differences of the distribution for 2011 as compared with 2010 were due to the observed effect
of the food price shock. In 2011, the median characterizing the price growth of the bulk of goods and services
in the observed distribution slightly increased as compared with the previous year, and, while reaching 7.2%,
was considerably lower than in 2008 and 2009 (12.6% and 10.9% respectively). The standard deviation, which
shows how diffuse the distribution is, decreased to 8.5%, as against 14.2% a year earlier.
As in the previous year, the distribution median of non-food price increase was the lowest in 2011, being
surpassed by that of food and services which was the highest. However, as compared with 2010, the values of
all three medians grew from 5.8% to 6.2%, from 6.6% to 7.3%, and from 7.0% to 9.4% respectively.
The average distribution of food price increase fell from 13.4% in 2010 to 3.9% in 2011. While in 2010
foodstuffs with high price growth (over 36%) accounted for 6.5%, no such goods were observed in 2011. The
reverse was true of foodstuffs with a more than 20% price decrease whose share grew from zero in 2010 to
6.5% in 2011. The food price shock was recognised in high values of the standard deviation.
1 These distributions are based on a sample composed of more than 450 consumer goods and services, regardless of their weight in con -
sumer spending.
Inflation Dynamics
2011 Q4 7
most significant increase (17.6%) was observed
in production of petroleum products (in 2010,
this indicator was 2.8 percentage points higher).
Over 2011, prices in production and distri -
bution of electricity, gas and water increased by
5.1% (13.8% in 2010).
In 2011, the growth of producer prices in
mining accelerated to reach 26.3% as against
17.1% in the previous year. Fuel and energy pro-
ducer prices increased by 28.1% as compared
with 16.1% in 2010.
In 2011, freight transportation charges
rose by 8.4%, with 7.5% growth in railway fares.
In the previous year , these indicators were 33.1%
and 9.4% respectively.
the country, being higher in five out of eight fed -
eral districts as compared with the previous year.
Housing prices
Housing prices increased by 6.7% in the
primary market and by 5.8% in the secondary
market in December 2011 from December of the
previous year. By the end of 2010, housing prices
grew by 0.3% in the primary market and by 2.7%
in the secondary market.
In 2011, the dynamics of housing prices was
affected by a recovery of the real estate market
amidst growth in commissioned housing which
increased by 5.6% as compared with 2.4% de -
cline in the previous year.
Producer prices
Industrial producer prices rose by 12.0%
in 2011 (16.7% in the previous year). This slump
in dynamics of industrial producer prices growth
was due to a slowdown of price growth in manu-
facturing industries, as well as in the production
and distribution of electricity, gas and water.
In 2011, producer prices in manufacturing
industries increased by 8.3%, or 8.6 percentage
points less than in the previous year. Growth in
producer prices for most basic types of industrial
goods decelerated. Producer price growth in the
production of foodstuffs, including beverages,
and tobacco products slowed down by 12.5 per-
centage points to 1.8% whereas growth in the
producer prices of some goods accelerated. The
8 2011 Q4
producer prices declined by 4.2%, sunflower pro-
ducer prices – 24.2% (in 2010, these indicators,
on the contrary, increased by 31.4% and 71.1%
respectively).
Foreign trade
In 2011 as compared with the previous year,
the Russian terms of trade improved as a result
of a more sizeable growth of export prices ver -
In 2011, communications fees for corpo-
rate entities increased by 3.9% (7.0% in 2010).
Over 2011, building materials producer
prices went up by 8.0% as against 9.1% in 2010.
Over 2011, agricultural producer pric -
es declined 5.1% while growing 23.6% a year
earlier. Livestock producer prices increased by
2.6% (14.9% in 2010). Crop grower prices fell
by 14.7% (they rose by 38.3% in 2010). Grain
Inflation in countries trading with Russia1
In 2011, consumer price growth in countries
accounting for a sizeable weight in the structure of
Russian imports was 7.4% (December on Decem -
ber) as against 3.7% in 2010. Inflation was affected
by a recovery of higher demand for goods and ser -
vices as compared with what was observed during
recession. Inflationary pressures were also due to
growing prices of agricultural products, energy and
other primary commodities in global markets in the
first half of 2011.
In the second half of the year, contribution of
food and energy groups to consumer price growth
decreased declined against the background of small-
er energy and agricultural product prices. Declining
economic growth rates in countries trading with Rus-
sia also facilitated lower inflationary pressures in Q4.
In 2011, the accelerated price growth in the
eurozone and United States was due to higher core
inflation and foodstuff prices. Lower price growth
rates of energy contained inflation. Price growth in
the Republic of Belarus has intensified after devalua-
tion of the local currency in May 2011.
1 According to data reported by national statistics agencies of Russia’s trading partners.
Inflation Dynamics
2011 Q4 9
by a high level of commercial oil reserves in the
United States, strengthening of the US dollar , and
downward adjustments of 2012 oil demand fore-
casts. In Q4, the Russian oil traded 28.1% higher
than in 2010 Q4, with the average price grow -
ing 40.1% as compared with the previous year ,
to $109.6 per barrel. Natural gas prices contin -
ued to recover , with one-third growth observed in
the European market in Q4 as compared with the
relevant period of the previous year , and overall
growth of 26.9% in 2011 as against 2010.
Despite volatility, petroleum product prices
evolved broadly in line with changes in oil prices,
with the average growth of 37.0% over 2011.
As compared with the previous year , the high -
sus the growth of import prices, with global en -
ergy prices declining in Q4 as compared with the
previous quarter. In Q4, energy producer prices,
including oil prices, grew in the domestic market
while petrol prices declined. In global food mar -
kets, a downward price trend which emerged
in Q2 continued in Q4. The domestic consumer
market was characterized by slow growth rates of
foodstuff prices.
The price situation for major Russian ex -
ports was favourable in global markets2 in 2011.
World energy prices grew by 36% on average as
compared with last year , while non-energy prices
gained 15%.
In 2011, the oil price dynamics was largely
due to political crisis in North Africa and the Mid-
dle East, debt problems in the eurozone and Unit-
ed States, and fears of global economic recession.
High volatility of oil prices was fuelled by investor
uncertainty over the ability of the eurozone coun-
tries to overcome the debt crisis against the back-
ground of lower sovereign ratings of eurozone
member states. Later in 2011, price growth was
pushed, in particular , by the worsening situation
over Iran. Further oil price growth was contained
2 Average prices are based on data reported daily by the fol-
lowing news agencies and exchanges: Reuters for oil, Fi -
nancial Times for petroleum products (petrol, diesel fuel
and fuel oil). Ferrous metal prices have been gauged on
the basis of price indices, while prices of natural gas, non-
ferrous metals (aluminium, copper, nickel) and other com-
modities are the monthly averages published by the World
Bank and the IMF .
10 2011 Q4
(corn being almost 1.6-fold more expensive,
wheat 1.4-fold, barley 1.3-fold).
Prices in monitored foodstuff markets gener-
ally tended to fall in 2011 Q4, with beef and poul-
try prices being the only ones to rise as compared
with 2011 Q3. Despite a decline in prices of most
foodstuffs, they were averagely higher in 2011
than in the previous year. Year on year , the prices
of beef increased by 20.6%, pork – by 19.6%,
poultry – by 1.8%, raw sugar – by 22.1%, re -
fined sugar – by 19.0% and palm oil – by 24.9%
in 2011.
Russia’s terms of trade were more favorable
in 2011 than a year ago since export prices grew
at a faster rate than import prices.
est growth rates were observed in diesel fuel
(38.0%) while fuel oil and petrol prices increased
by 36.7% and 33.3% respectively.
A decline in ferrous metal prices which start-
ed in 2011 Q3 continued into Q4. While the
prices were 14.0% higher than in 2010 Q4, they
averagely gained 16.0% in 2011 as compared
with the previous year. Non-ferrous metal prices
declined further in 2011 Q4 losing 14.6% as
compared with 2010 Q4. However , year on year ,
these prices were averagely 9.5% higher , with
copper gaining 17.2%, aluminum 10.5%, nickel
5.1%.
World grain prices largely tended to fall in
2011 Q4. However , over 2011 their level was
considerably higher than in the previous year
International trade
As estimated by the International Energy Agency (IEA), global oil consumption increased by 0.8% in 2011.
While declining 2.1% in OECD member states in Europe, it rose by 3.1% in Asian countries other than OECD. In
Q2-Q3, oil consumption rates fell dramatically as compared with Q1, with year-on-year consumption falling in
2011 Q4 primarily due to a declining demand in European economies.
In 2011, the average price of Brent, Dubai and West T exas Intermediate crude oil rose to $104.0 per barrel
from $79.0 in 2010 (by 31.6%). In January 2012, the IMF revised its current year forecast of the average price
of the three crude oil benchmarks ($99.1 per barrel) as compared with the forecast published in September
2011 ($100.0 per barrel).
According to Eurostat data, imports of mineral fuel and lubricants to EC countries increased by 4.9% in
January-November 2011 as compared with the same period of 2010, with the average unit cost of imports in
this group1 being 30.6% higher. According to the IMF , the price of natural gas supplied from Russia to Germany
grew by 28.9% in 2011.
As estimated by the IMF (January 2012), international trade in goods and services increased by 6.9% in
2011 (as compared with estimated growth of 12.7% in 2010).
1 The average unit cost of imports is the ratio of changes between the value of imports of particular commodities and the import quantities.
Inflation Dynamics
2011 Q4 11
ing of respondents, and favorable conditions for
large purchases.
In 2011, household real disposable money
income was 0.8% higher than in 2010, with con-
sumer spending accounting for a larger share of
money income in use than in 2010 (74.1%, or
4.2 percentage points). As interest rates on re -
tail deposits with banks remained low, household
propensity for organised savings decreased. Amid
volatile ruble exchange rate, household spending
on currency purchase grew in August-October ,
being 4.3% in 2011, or 0.6 percentage points
higher than in 2010.
Vigorous domestic demand also boosted a
growth of imports, with higher imported quan -
tities accounting for almost two-thirds and price
rise for approximately one third of the increase in
2011. Year on year , imports rose by 30% to reach
$323.3 billion (according to the balance of pay -
ments methodology as of January 12, 2012). In
2011 Q1 and Q3, imports accounted for a lower
share of retail goods than in the comparable pe -
riods of 2010, with the same level maintained in
Q2.
In 2011, government expenditures on final
consumption increased by 0.8% (a decrease of
1.4% in 2010). According to Federal Treasury’s
data, general budget expenditure fell to 36.8% of
GDP in 2011 (39.0% in 2010). Non-interest ex-
penditure accounted for 36.2% of GDP (38.4%
in 2010).
Demand
In 2011, the growing domestic demand did
not prevent consumer price growth from slowing
down, with the estimated actual output of goods
and services close to the potential level.
In the second half of 2011, consumer and
investment activities grew, with economic growth
resulting largely from growing domestic demand.
Foreign demand for Russian goods remained
weak in 2011.
Domestic demand
In 2011, economic growth was maintained
largely by higher domestic demand. Household
spending on final consumption increased by 6.4%
over the year , with consumer demand boosted by
the growth of real wages, further improvement of
the labor market situation, and higher consumer
lending.
In 2011 Q, the Consumer Confidence Index
(CCI)3 reflecting consumer expectations declined
as against the previous quarter while rising in Q2
and Q3. In 2011 Q 4, CCI was higher year on year ,
its increase resulting from growth of the follow -
ing indices: expected economic changes in Russia,
actual and expected changes in individual wellbe-
3 According to Rosstat survey data. CCI is calculated as the
arithmetic mean of five individual indices: actual and ex -
pected changes in personal wellbeing, actual and expected
economic changes in Russia, and favorable conditions for
large purchases.
12 2011 Q4
Foreign demand
Foreign demand for Russian goods remained
weak in 2011. While exports of oil, petroleum
products, ferrous and especially non-ferrous
metals (except for aluminum), and a number of
other commodities declined, exports of natural
gas, aluminum, motor vehicles, specific types of
mineral fertilizer and processed timber rose, with
1 / 3 price increase accounting for 30% of export
growth – up to $521.4 billion (according to bal -
ance of payments methodology as of January 12,
2012).
Growth rates in exports to European Union
member countries lagged behind the overall ex -
port growth rates. As compared with 2010, the
share of European Union countries in Russian
commodity imports declined by 1.7 percentage
points. Within this group of countries, the shares
of major importers of Russian goods, such as the
Netherlands and Italy, declined, while Germany’s
share rose slightly. The growth rates of exports
to Asian Pacific Economic Cooperation (APEC)
countries were largely higher than overall exports
The general government registered a budget
surplus in 2011 of 1.6% of GDP , as compared
with a deficit of 3.5% of GDP in 2010. The im -
proved budget balance, on the one hand, was re-
lated to higher oil and gas revenues and, on the
other hand, reflected the impact of the govern -
ment’s planned tightening of its fiscal policy to
enhance macroeconomic stability, long-term bal-
ance and sustainability of government finance.
In 2011, gross fixed capital formation grew
by 6.0% as against 5.8% in 2010, with nearly
one-third of total fixed capital investment being
used to purchase machinery, equipment and ve -
hicles.
Fixed capital investment was financed pre -
dominantly with borrowings which accounted
for 54.7% in January-September 2011, or 2.3
percentage points less than in the same period of
2010.
In 2011, with imports of goods and servic -
es growing considerably faster than exports, net
exports of goods and services were estimated to
register a negative growth.
Economic growth in foreign countries1
According to estimates, GDP in a group of countries accounting for a sizeable weight in the structure of
Russian exports increased by 3.3% in 2011 (4.1% in 2010). As shown by preliminary data, year-on-year GDP
growth rates fell from 3.0% to 1.7% in the United States, from 1.8% to 1.5% in the eurozone, and from 10.4%
to 9.2% in China. In 2011 Q4, GDP in the eurozone declined. According to an IMF estimate, global production
of goods and services increased by 3.8% in 2011 (5.2% in 2010).
In January 2012, the IMF revised downwards its current year forecast of the global economic growth (3.3%
as compared with 4.0% published in September 2011). It is envisaged that lower demand in the eurozone com-
bined with factors containing its growth in the US economy will undermine the growth rate of international trade
(to 3.8% as estimated by the IMF). Instable financial markets will highten risks for the countries in considerable
need for external funding and those depending on exchange commodities exports.
1 According to data compiled by national statistics agencies of Russia’s trading partners.
GDP consumption
(growth as % of corresponding period of previous year)
2010 2011*
Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Full year
GDP 3.5 5.0 3.1 4.5 4.3 4.1 3.4 4.8 4.3
Final consumption 0.3 3.8 4.0 1.9 3.3 4.0 4.9 6.2 4.8
of which:
– households -0.5 4.7 5.1 2.7 5.1 5.7 6.6 8.3 6.4
Gross capital formation 0.8 27.9 29.8 39.3 28.9 44.2 17.8 15.4 22.4
Exports 18.7 4.1 2.2 5.0 7.0 0.0 3.5 -1.0 1.0
Imports 11.4 21.7 34.8 30.1 26.1 23.1 23.4 16.0 21.5
Source: Rosstat.
Inflation Dynamics
2011 Q4 13
lion tonnes as reported by Rosstat being 54.1%
larger than in 2010.
In both 2011 and 2010, GDP rose by 4.3%
to reach the 2008 level. According to estimates,
the actual output was close to its potential level,
which did not prevent inflation from going down.
Employment and unemployment
In 2011, employment across the economy
almost reached its 2008 level, with unemploy -
ment declining further.
In 2011, the number of people employed in
the economy increased by 1.3%.
growth rates. The share of APEC member coun -
tries in Russia’s commodities exports grew by 1.1
percentage points. Within this group of countries,
China increased its share, while Japan saw its
share drop. Exports to CIS member countries in -
creased slightly faster than overall exports largely
due to growth in exports to Belarus and Ukraine.
Supply
Over 2011, production of goods and ser -
vices reached the 2008 level, with capacity uti -
lization in industry further upward running close
to its natural level and approaching its pre-crisis
level.
In 2011, the output in key economic activi -
ties increased by 5.1% (5.7% in 2010). Produc-
tion growth was registered in all the key types of
economic activity.
Industrial output increased by 4.7% in 2011.
As adjusted for seasonal and calendar factors, the
average monthly growth of industrial production
was 0.3% in 2011 as against 0.6% in 2010.
High growth rates were registered in manufactur-
ing industries, with the production of transport
vehicles, rubber and plastic products, machinery
and equipment rising most substantially.
In 2011, industrial production capacity utili-
zation grew to almost reach its pre-crisis level. Ac-
cording to Russian Economic Barometer data, this
ratio averaged 78.0% in 2011 (72.0% in 2010).
In 2011, agricultural production increased
by 22.1%, with gross grain output of 93.9 mil -
14 2011 Q4
In 2011, the number of workers employed
partially on the employer’s initiative continued to
decline which suggested growing labor utilization
in the economy.
In 2011, labor productivity was estimated to
improve by 3%, with a higher growth in services
than in goods production.
In 2011, real wages rose by 3.5%. Unit la -
bour costs measured as a share of compensation
of employees (including undeclared compensa -
tion and mixed income), continued to decline in
the breakdown of GDP by source of income. Year
on year , they declined by 0.6 percentage points
to 49.3%.
Average monthly imputed wage by type of economic activity
(January-November 2011)
Type of activity Rubles As % of the all-Russian level
Total 22,866 100
Agriculture, etc. 12,110 53
Mining 49,122 By 2.1 times
Manufacturing industries 21,319 93
Electricity, gas and water production and distribution 26,362 115
Construction 23,482 103
Wholesale and retail trade, etc. 20,446 89
Transport and communications 28,196 123
Financial activity 52,555 By 2.3 times
Real estate and other transactions 27,726 121
Public administration, etc. 25,433 111
Education 15,156 66
Public health care and social services 17,046 75
Public utility services, etc. 17,728 78
Source: Rosstat.
Inflation Dynamics
2011 Q4 15
with most of them looking for work without any
support of employment services.
The total unemployment in 2011 was esti -
mated to be below the long-term trend.
In 2011, the total number of unemployed
declined by 10.9% to 6.1% of the economically
active population (7.2% in late December 2010).
In 2011, total unemployment exceeded the num-
ber of registered unemployed by a factor of 3.6,
16 2011 Q4
cial ruble / euro rate of 39.9678 as of February 1,
2012.
In October 2011, the ruble value of the bi-
currency basket tended to decline, largely as a
result of the dollar / ruble dynamics over the pe -
riod. However , the variation range of the opera -
tional benchmark stabilized since November. As
of January 1, 2012, the value of the bi-currency
basket was 36.4600 rubles (34.6577 rubles as
of February 1, 2012).
In October-December , the nominal effective
rate of the ruble against foreign currencies de -
preciated by 0.9% (0.5% in Q3) which suggests
a general appreciation of the national currency
against the currencies of the main trade partner
countries outside the eurozone.
In Q4, the real ruble / dollar rate depreciated
by 6.1% (3.8% in Q3). This indicator was still
largely shaped by the ruble / dollar nominal rate
index, with variations of the inflation differential
between Russia and the United States being rela-
tively moderate. According to preliminary data,
the real ruble / dollar exchange rate appreciated
by 0.6% in January 2012.
In October-December , the real ruble / euro
exchange rate was estimated to depreciate by
2.2% (2.0% in Q3). In the reporting period, con-
tribution of domestic inflation to the dynamics
Exchange rate
For the most part of 2011 Q4, the domes -
tic foreign exchange market continued to benefit
from relatively favorable external economic de -
velopments. The ruble dynamics against major
global currencies was also shaped in this period
by varying demand of commercial banks for ruble
liquidity, behavior of investors geared by the news
on the likely outcome of the European debt crisis,
and implementation of the plans to reduce the US
public budget deficit. According to estimates, the
net private capital outflow amounted to $37.8
billion in Q4 ($19.0 billion in Q3). Russia’s inter -
national reserves fell by 3.5% in October-Decem-
ber to reach $498.6 billion as of January 1, 2012.
The nominal ruble / US dollar rate depre -
ciated by 7.0% in 2011 Q4 (by 3.6% in 2011
Q3). As of January 1, 2012, the official rate of the
ruble against the US dollar was 32.1961. In Janu-
ary 2012, ruble / dollar rate decreased by 0.2%,
with the official ruble / dollar rate of 30.3131 as
of February 1, 2012.
The nominal ruble / euro rate depreciated
by 2.4% in 2011 Q4 (by 1.9% in 2011 Q3).
As of January 1, 2012, the nominal ruble / euro
rate was 41.6714. In January 2012, the nominal
ruble / euro rate increased by 1.8%, with the offi-
Monetary Conditions
Monetary Conditions
2011 Q4 17
no major risk of exchange rate induced inflation
could be envisaged in the short term.
Interest rates
In October-November 2011, the Bank of
Russia Board of Directors took decisions to keep
interest rates on liquidity provision and absorp -
tion instruments unchanged on the basis of as -
sessment of inflation and sustainable economic
growth risks.
Since December 26, 2011, the Bank of Rus-
sia lowered fixed rates on selected refinancing in-
of this indicator was slightly higher , in particular ,
as a result of the seasonal component of infla -
tion processes in Russia. In January 2012, the real
ruble / euro rate was estimated to appreciate by
2.2%.
In Q4, the real effective rate of the ruble
against foreign currencies fell by 2.2% (1.9% in
Q3). According to estimates, in January 2012,
the ruble real effective rate appreciated by 0.7%
against other currencies.
As follows from analysis of ruble rate move -
ments against major global currencies in Q4,
International currency market
In 2011, the dollar / euro rate did not signifi -
cantly change, with the dollar appreciating by less
than 1% year on year. While the Swiss franc, yen and
yuan strengthened against both major currencies,
those of a majority of other principal trading part -
ners of Russia depreciated against the dollar and,
with exception of the British pound and South Ko -
rean won, against the euro. The hryvnia and tenge
remained stable throughout the year while the Be -
larus ruble depreciated dramatically.
Aggravation of risks due to financial system in-
stability in a number of countries in the second half
of 2011 brought about destabilisation of financial
markets related to short-term capital flows. The
growing investor risk aversion resulted in a massive
outflow of short-term capital from emerging mar -
kets. A situation of instability in financial markets
was shaping dramatic volatility of exchange rates
and asset prices.
18 2011 Q4
to leave the level of interest rates on its operations
unchanged.
In 2011 Q4, the interest rates on ruble-de -
nominated interbank loans extended for various
terms increased gradually but were observed to
rise traditionally during the tax payment periods.
In October-December 2011, fluctuations in the
MIACR on overnight ruble interbank loans was
1.9 percentage points (1.6 percentage points in
July-September). The average MIACR on over -
night interbank ruble loans stood at 5.1% p.a.
in Q4 as against 4.2% p.a. in Q3. In January
2012, the MIACR on overnight interbank ruble
loans moved within the range of 4.4 – 5.7% p.a.
struments by 0.25 percentage points and raised
the fixed rates on deposit operations by 0.25 per-
centage points. This decision to narrow the inter-
est rate band on selected liquidity provision and
absorption operations was neutral in terms of the
current monetary policy trend and was aimed at
containing volatility of money market rates and
enhancing the efficiency of the interest rate chan-
nel of the monetary policy transmission mecha -
nism.
On 3 February 2012, in view of slower infla-
tion, uncertainties of external economic develop-
ments with risks for sustainable growth of the na-
tional economy, the Bank of Russia took a decision
Monetary Conditions
2011 Q4 19
percentage point quarter on quarter to 6.4% and
7.1% p.a. respectively.
In the ruble denominated household loan
market, the average rate on short-term loans in -
creased by 1.9 percentage points in Q4 as against
the previous quarter (to 24.7% p.a.) while not
changing on long-term loans (17.1% p.a.).
Interest rates on ruble short-term loans to
non-financial organisations increased in Q4,
with those on long-term loans going down in Oc-
tober and rising in November-December. As com-
pared with Q3, average interest rate on short-term
loans rose by 0.9 percentage point to 8.9% p.a.,
The average MIACR on overnight interbank ruble
loans in January 2012 decreased by 0.6 percent-
age points month on month to 4.8% p.a. The av-
erage interest rate on interbank ruble loans placed
by Russian banks for a term of 2 – 7 days increased
from 4.1% p.a. in 2011 Q3 to 5.2% p.a. in 2011
Q4, for a term of 8 – 30 days from 4.6% p.a. to
5.9% p.a., and on loans placed for a term of 1 – 3
months from 5.6% p.a. to 7.1% p.a.
In October-December , interest rates on
household deposits continued to rise, with av -
erage rates on short- and long-term (1 – 3 years)
ruble household deposits growing by 1.3 and 1.0
Liquidity situation and Bank of Russia operations
From mid-September 2011, amid the deteriorating situation in global financial markets and the expecta -
tions of the ruble’s depreciation, Russian credit institutions started to regularly apply for Bank of Russia refi -
nancing instruments. In October-December 2011, Bank of Russia’s average daily claims to credit institutions
on liquidity provision operations amounted to more than 685 billion rubles (16 billion rubles over 9 months).
Moreover, the federal government continued to deposit budget funds with commercial banks in 2011 Q4, with
the average daily deposited amount being more than 925 billion rubles in the reporting period (340 billion rubles
over 9 months). Meanwhile, credit institutions’ funds invested into the Bank of Russia’s liquidity absorption in-
struments averaged slightly in excess of 150 billion rubles in the last quarter of 2011 (855 billion rubles over 9
months). In this context, the MIACR on overnight ruble loans fluctuated near the minimum bid rate registered at
overnight repo auctions.
In January 2012, the Bank of Russia’s daily claims on provided funds averaged approximately 840 billion
rubles, with average daily balances deposited by credit institutions with the Bank of Russia being 230 billion
rubles.
As credit institutions’ demand for refinancing instruments increased, the Bank of Russia took some mea -
sures in 2011 Q4. In particular, it resumed acceptance of credit institution guarantees and provision of loans
secured by non-market assets or guarantees with maturities of 91 to 180 days. Moreover, the Bank of Russia
lowered the initial discount value and raised adjustment ratios applicable to calculate the collateral value under
repo and lending transactions respectively.
20 2011 Q4
increased by 0.3 percentage points as compared
with the indicator as of late Q3 to 8.1% p.a. The
OFZ yield as of late January 2012 was 0.1 per -
centage point lower than as of late December
2011. The average effective MPI did not change
in January as compared with the previous month
(8.1% p.a.).
In October 2011-January 2012, the OFZ
yield curve remained ascending in the segment of
up to 6 years and was close to the horizontal line
in the segment of longer maturities. By the end of
January 2012, the yield curve became descend -
ing in relation to early October 2011 while its
slope did not change.
while declining by 0.2 points on long-term loans
to 10.1% p.a. In Q4, the yield curve on loans to
non-financial organisations maturing in less than
1 year shifted upwards, with a slight downward
movement observed in longer maturities.
A multi-directional yield dynamics was ob -
served in the OFZ market in October 2011 –
January 2012. In Q4, the average effective OFZ
market portfolio indicator (MPI)1 went up by 0.4
percentage point quarter on quarter to 8.0%
p.a. The OFZ yield (effective MPI) as of late Q4
1 The average duration of OFZ index portfolio (calculated on
the basis of Bank of Russia data) was 3.6 years in Q3 and
3.9 years in Q4.
Monetary Conditions
2011 Q4 21
quarter on quarter to 8.3% p.a. and 8.8% p.a.
respectively. Average yields of regional and corpo-
rate bonds in January 2012 were each 0.1 point
lower than in the previous month (at 8.1% and
8.8% p.a. respectively).
Asset prices
In 2011 Q4, the Russian equity prices fluc-
tuated within a wide horizontal band as affected
by uncertain price movements in global oil and
stock markets, and also by short-term capital
flows in the domestic equity market. As of Decem-
ber 30, 2011, MICEX index increased by 2.6% as
compared with late 2011 Q3, to 1,402.23 points
while RTS index rose by 3.0% to 1,381.87 points.
In October 2011 – January 2012, the yield
in ruble regional and corporate bond markets
had a similar pattern with that of OFZ. In Q4 as
compared with the previous quarter , the average
yield of regional2 and corporate3 bonds increased
by 0.7 and 1.2 percentage points to 8.2% and
8.8% p.a. respectively. Regional and corporate
bond yields as of the end of 2011 Q4 rose by
0.1 percentage points and 0.3 percentage points
2 The average duration of regional bond index portfolio (cal-
culated on the basis of Сbonds.ru data) was 2.5 years in
Q3 and Q4.
3 The average duration of corporate bond index portfolio
(calculated on the basis of Сbonds.ru data) was 1.8 years
in Q3 and 2.2 years in Q4.
22 2011 Q4
in the second half of 2011. Seasonally adjusted
monthly growth rates of ruble money supply were
on the rise since June 2011.
Over 2011, a declining trend of annual
growth rates was most clearly manifested in
household deposits of all other components of
ruble money supply (from 43.6% as of January 1,
2011 to 22.4% as of January 1, 2012). Annual
growth rates of ruble deposits of non-financial
and other financial organisations were declining
until June 2011, while they grew from 15% to
26.9% in June-December.
In 2011, annual growth rates of broad
money declined less vigorously than those of М2
In 2011 Q4, MICEX and RTS average quarterly
values were 8.6% and 15.6% below those of the
previous quarter respectively.
In 2011 Q4, movements of Russian share
prices varied broadly across economic sectors. In
the period under review, share prices of chemical
and petrochemical, oil and gas, telecommunica -
tions and machine-building companies rose while
those of other sectors, on the contrary, fell.
In January 2012, Russian share prices grew
rapidly in the wake of the world major stock in -
dices as global investors recovered an appetite
for risk. As of January 31, 2012 and compared
to late December 2011, MICEX index increased
by 8.0% to 1,514.03 points while RTS index rose
by 14.1% to 1,577.29 points. In January 2012,
corporate shares in core sectors of the Russian
economy considerably went up, with the best
performance demonstrated by metal, financial,
machine-building, consumer and electric power
sectors (they depreciated most over 2011).
Monetary aggregates
For most of 2011, the dynamics of monetary
aggregates suggested a gradual decrease in infla-
tion risks conditioned by monetary factors. Over-
all in 2011, while M2 annual growth rate declined
from 31.1% to 22.6%, its downward trend de -
celerated in September-December. The annual -
ized dynamics of 6-month growth rate of ruble
money supply being less affected by the base
effect demonstrated higher growth rates of M2
Monetary Conditions
2011 Q4 23
growth rate of foreign currency deposits of non-
financial organisations and other financial institu-
tions was 12.5% as of January 1, 2012, and the
same indicator for households –13.5%.
In 2011, the level of dollarisation of de -
posits4, while being lower than a year earlier ,
increased from 19.4% to 21.0% in August-No -
vember. The response of dollarisation to depre -
ciation of the ruble in August-October 2011 was
less considerable than in the previous years when
the ruble was weaker. By early 2012, the level
of dollarisation declined again (to 18.7%). Net
sales of foreign currency to households through
authorised banks slightly increased in September-
October as compared with August 2011 but less
noticeably than in the periods of depreciation in
2008 – 2009, with a gradual decline observed in
November-December.
Growth in lending was the main source of the
expansion of broad money in 2011. A growth of
claims to non-financial organisations and house -
holds by banks was 5.3 trillion rubles in 2011, or
twice as much as in 2010, the most significant
growth (by 2.1 trillion rubles) being observed in
2011 Q3. In Q4, this indicator increased by 1.5
trillion rubles.
Higher net foreign assets of the banking sys-
tem also contributed to the growth of money sup-
ply. Over 2011, they increased by 2.2 trillion ru -
bles (1.1 trillion rubles in 2010), primarily at the
4 The level of dollarisation in this case is the share of foreign
currency deposits as of total deposits in the banking sector.
(from 24.6% as of January 1, 2011 to 21.1% as
of January 1, 2012). The annualized dynamics
of 6-month growth rate of broad money dem -
onstrated higher growth rates since September
2011. Seasonally adjusted monthly growth rates
of broad money were on the rise since July 2011.
Over 2011, the annual growth rates of for -
eign currency deposits (in ruble terms) were con-
siderably lower than those of ruble deposits. How-
ever , the growth rates of foreign currency deposits
accelerated in the context of ruble depreciation in
August-November of the current year , resulting in
13.0% growth rate as of January 1, 2012 (as of
January 1, 2011, this indicator was 1.3% lower
than as of January 1, 2010). Moreover , annual
24 2011 Q4
growth rate of loans to non-financial organisa -
tions and households surpassed that of bank
deposits for the first time since 2009, which re -
sulted in an emerging gap between loans and
bank deposits as in the period of lending boom
in 2006 – 2008. In these conditions, banks need
sources of additional financing to maintain high
rates of growth in loans. While before 2008 these
could come from external borrowings, the do -
mestic money market is now playing a much more
important role.
expense of the growth of the Bank of Russia’s net
foreign assets (by 1.4 trillion rubles). Net foreign
assets of credit institutions demonstrated a more
moderate growth in 2011 at 0.8 trillion rubles.
In 2011, the public budget contributed less
to money supply, with net claims to the general
government by the banking sector declining by
1.1 trillion rubles in 2011 (an increase of 1.9 tril-
lion rubles in 2010). A significant decrease (by
1.3 trillion rubles) in net claims to the general
government from the Bank of Russia (largely be -
cause of funds accumulated with Bank of Russia
accounts) had a considerable containing effect on
the money supply dynamics.
Credit aggregates
A considerable growth of credit aggregates
continued in 2011 Q4, resulting in 28.2% annual
growth rate of total outstanding loans as of Janu-
ary 1, 2012 (12.6% as of January 1, 2011), with
outstanding loans to non-financial organisations
reaching 26.0% (12.2% as of January 1, 2011)
and to households – 35.9% (14.3% as of Janu -
ary 1, 2011). Thus, the dynamics of credit ag -
gregates in 2011 suggested a vigorous growth of
lending activities in the banking sector.
The growth of the deposit base was a key
source of increased credit supply in the post-crisis
period. In the second half of 2011, the annual
2011 Q4 25
Bank of Russia press releases on monetary policy measures
October 2011
October 28 (extract from the press release)
The Bank of Russia External & Public Relations Department informs that the Bank of Russia Board of
Directors took a decision on October 28, 2011, to leave the refinancing rate and interest rates on Bank of
Russia operations unchanged.
The decision was made following an assessment of inflation risks and risks to sustainable economic
growth, including risks posed by the persisting uncertainty over external economic developments.
In the period since the latest meeting of the Bank of Russia Board of Directors on monetary policy, the
annual inflation rate continued to decrease and stood at 6.9% as of October 24, 2011 (compared with
7.2% in September and 8.2% in August). The prices of certain groups of foodstuffs continued to make a
major contribution to the slowdown in the inflation rate. However , there were signs of the waning effect
of this factor. The price decrease in September was also observed in the services sector. At the same time,
the annual rates of growth in non-food prices had not registered any slowdown in the past several months,
staying at a relatively high level. The Bank of Russia will continue monitoring the impact of various factors
on inflationary processes, including the possible effect of the ruble’s depreciation observed in the past few
months on the level of prices.
Major macroeconomic indicators changed both ways in September. The annual industrial production
index fell considerably as compared with August. At the same time, the annual rates of growth in fixed
capital investment increased again in September after their slowdown in the previous month. The unem-
ployment rate remained at a relatively low level, while the growth in household real income accelerated,
and these factors, along with the continued increase in consumer lending, contributed to the steady rise
in consumer demand. As a result, retail trade turnover continued to grow at an accelerated rate. The cur-
rent domestic demand dynamics may both contribute to improved business activity and be a source of
additional inflationary pressures.
In the interbank market, the banking sector’s demand for refinancing instruments was observed to
increase in recent months. The growth in liquidity volumes provided by the Bank of Russia will help restrict
the rise in market rates.
Given the current internal and external macroeconomic trends, the Bank of Russia regards the current
level of interest rates in the money market as acceptable in order to secure a balance between inflation
risks and economic slowdown risks in the near future.
The Bank of Russia took a decision to increase to 180 days the term of loans provided against the col-
lateral of gold and set from November 1, 2011, the interest rates on gold-secured loans with a maturity
from 91 to 180 days at 7.25% p.a.
The next meeting of the Bank of Russia Board of Directors to consider monetary policy is scheduled
for the last ten days of November 2011.
26 2011 Q4
November 2011
November 10
The Bank of Russia External & Public Relations Department informs that from November 15, 2011,
credit institutions may participate in repo auctions with the Bank of Russia on the St Petersburg Currency
Exchange.
Operations are conducted under the Bank of Russia general terms established for all market repo
transactions, pursuant to Bank of Russia Regulation No. 329-P , dated November 28, 2008, “On the Terms
of Conducting Bank of Russia Repo Transactions with Russian Credit Institutions on Stock Exchanges”.
Repo transactions on the SPCEX differ from the existing arrangements in that the participants can bid
without having to specify securities issues provided under such transactions. The securities eligible for the
Bank of Russia Repo List which a participant will provide during settlements under transactions, will be ac-
cepted as collateral.
To participate in repo auctions with the Bank of Russia on the SPCEX, credit institutions should sign
with a relevant Bank of Russia branch a master agreement on general terms of conducting repo transac -
tions by the Bank of Russia and a credit institution on the St Petersburg Currency Exchange in the form
developed by the National Securities Market Association, a self-regulating organisation, as well as the
agreements provided for by the SPCEX Trading and Clearing Regulations. More information on the re -
quired documents is posted on the St Petersburg Currency Exchange website: 
November 25 (extract from the press release)
The Bank of Russia External & Public Relations Department informs that the Bank of Russia Board of
Directors took a decision on November 25, 2011, to leave the refinancing rate and interest rates on Bank
of Russia operations unchanged. (Table «Interest Rates on Bank of Russia Operations»).
The decision was made following an assessment of inflation risks and risks to sustainable economic
growth, including risks posed by the persisting uncertainty over external economic developments.
The disinflation effect of the fall of food prices exhausted itself by the end of October to become the
key factor that slowed down the inflation rate in October-November. The annual growth rate of consumer
prices stood at estimated 7.0% as of November 21 (7.2% in October and September). The strengthening
of the ruble in October is responsible for the reduction of inflation risks caused by the weakening of the
ruble in August-September. Tightening of the monetary conditions due to the movement towards liquidity
shortage in the banking sector which is expected to continue in the mid-run, will also contribute to curbing
the inflationary pressure further.
The industrial output annual growth rate fell again in October , and still low sentiment indicators of
economic agents are indicative of moderate assessments of growth outlooks in the economy. The unem-
ployment rate increased slightly as real income growth rates contracted in October. Meanwhile, the fore-
going indicators remained within a range not interfering with the consumer demand growth as evidenced
by still high growth rates in retail trade turnover. The current steadiness of consumer indicators amid in -
dustrial sector moderate indicators may both contribute to growth in business activity and be a source of
additional inflationary pressure.
Given the current internal and external macroeconomic trends, the Bank of Russia regards the es -
tablished level of interest rates in the money market as acceptable in order to secure a balance between
inflation risks and economic slowdown risks. The interest rate growth in the money market conditioned
by the movement towards liquidity shortage in the banking sector and instability in the global financial
markets contributes to the rise of other interest rates in the economy. In this respect, the Bank of Russia
will continue monitoring the situation in the money market and external economic developments, as well
as assessing the interest rate growth risks and the effect of such growth.
The next meeting of the Bank of Russia Board of Directors to consider monetary policy is scheduled
for the last ten days of December 2011.
Bank of Russia press releases on monetary policy measures
2011 Q4 27
November 25
The Bank of Russia External & Public Relations Department informs that pursuant to Bank of Russia
Ordinance No. 2134-U, dated November 27, 2008, “On the List of Securities Eligible for the Bank of Rus-
sia Lombard List” (hereinafter referred to as the Ordinance), the Bank of Russia Board of Directors (Min-
utes of the Bank of Russia Board of Directors No. 21, dated November 25, 2011) established the following
minimum rating requirements to issuers (issues) of securities to be met in making decisions on enlisting in
and delisting securities from the Bank of Russia Lombard List:
the issuers (issues) of securities specified in sub-paragraphs 1.4 – 1.6, 1.9, 1.10 of paragraph 1 of
the Ordinance must be awarded В- or a higher long-term credit rating under the global scale (global scale
rating) by at least one of the rating agencies, according to the classification offered by Standard & Poor's or
Fitch Ratings or ВЗ rating according to the classification offered by Moody's Investors Service;
the issuers (issues) of securities specified in sub-paragraph 1.8 of paragraph 1 of the Ordinance must
be awarded ВB or a higher long-term credit rating under the global scale (global scale rating) by at least
one of the rating agencies, according to the classification offered by Standard & Poor's or Fitch Ratings or
Ва2 rating according to the classification offered by Moody's Investors Service.
These requirements have been effective since December 5, 2011.
We also inform that on December 1, 2011 the Bank of Russia increased from 0.98 to 1 the adjust -
ment factor applicable for adjusting the value of federal loan bonds accepted as collateral for Bank of Rus-
sia loans, as well as reduced from 1.25% to zero the value of the initial discount applicable for assessing
the value of collateral on Bank of Russia repo operations with federal loan bonds and Bank of Russia bonds
for a period of six or less calendar days.
November 29
The Bank of Russia External & Public Relations Department informs that the Bank of Russia Board of
Directors took a decision on November 25, 2011 to establish approaches towards compiling the Bank of
Russia List with regard to the criterion for institutions having to be awarded В- or a higher long-term credit
rating on foreign currency liabilities by at least one of the foreign rating agencies, according to the clas -
sification offered by Standard & Poor's or Fitch Ratings or ВЗ rating according to the classification offered
by Moody's Investors Service.
December 2011
December 8
The Bank of Russia External & Public Relations Department informs that intraday and overnight loans
secured with collateral (blocking) of securities, from time to time determined by the Bank of Russia, in the
period between December 30, 2011 and January 9, 2012, in credit institutions’ correspondent accounts
(correspondent subaccounts) opened with the Bank of Russia Moscow branch and St Petersburg branch,
will be extended subject to agreements on the extension of intraday and overnight loans in the period
between December 30, 2011 and January 9, 2012 (hereinafter referred to as the Agreement) to be con-
cluded between credit institutions and the Bank of Russia.
The form of the agreement is posted on the Bank of Russia official website in the Monetary Policy
section.
To obtain more details about the agreements, credit institutions should apply to Bank of Russia re -
gional branches located in the place of their correspondent accounts.
December 23 (extract from the press release)
The Bank of Russia External & Public Relations Department informs that the Bank of Russia Board of
Directors took a decision on December 23, 2011, to lower from December 26, 2011, the refinancing rate
by 0.25 percentage points, as well as the fixed interest rates on specific liquidity provision operations and
28 2011 Q4
raise the fixed interest rates on deposit operations by 0.25 percentage points (Table «Interest Rates on
Bank of Russia Operations»).
The decision was made following an assessment of inflation risks and risks to sustainable economic
growth, including risks posed by the persisting uncertainty over external economic developments. The
narrowing of the band of interest rates on Bank of Russia liquidity provision and absorption specific opera-
tions is neutral under this decision in terms of monitory policy trend. It is designed to help restrict interest
rate volatility in the money market and enhance the efficiency of the interest rate channel of the monetary
policy transmission mechanism in terms of achieving the inflation final target.
The annual consumer price growth rates remained in downtrend in the previous month and stood
at 6.4% as of December 19 (6.8% in November). In view of the raise in administered prices scheduled
for the mid-2012, the Bank of Russia expects the annual inflation rate to decline considerably early in the
year to come, however , monetary policy decisions will take account of the temporality of this effect and be
guided by mid-term inflation forecasts. The monetary policy tightening in September this year due to the
movement towards liquidity shortage in the banking sector will help achieve the inflation target at the end
of the next year.
The dynamics of the key macroeconomic indicators in November suggested that consumption indica-
tors remained stable amid moderate growth in the industrial sector indicators. The industrial output growth
rates remained low as fixed capital investments growth slowed down a bit. Meantime, the unemployment
rate contracted as real wages and retail trade turnover remained high.
Given the current internal and external macroeconomic trends, the Bank of Russia regards the level
of monetary market interest rates evolving within the interest rate corridor as acceptable to secure a bal -
ance between inflation risks and economic slowdown risks. The Bank of Russia will continue monitoring
the situation in the money market and external economic developments, as well as assessing the risks and
the effect of market rate growth.
The next meeting of the Bank of Russia Board of Directors to consider monetary policy is scheduled
for the first ten days of February 2012.
December 27
The Bank of Russia External & Public Relations Department informs that from December 27, 2011,
the Bank of Russia adjusted the exchange rate policy arrangement as follows:
– the operational band of the bi-currency basket acceptable ruble value (0.45 euros and 0.55 dol -
lars), which is designed to curb too acute fluctuations of the exchange rate, was extended symmetrically
from 5 to 6 rubles;
– the amount of accumulated interventions which move the operational band by 5 kopeks, was low-
ered from $600 million to $500 million.
The Bank of Russia made the foregoing changes as part of gradual transition to the inflation targeting,
which constitutes a top-priority task for the Bank of Russia in the mid-run, pursuant to “The Guidelines for
the Single State Monetary Policy in 2011 and for 2012 and 2013”.
The improved potential flexibility of the exchange rate through the foregoing changes will help im -
prove the efficiency of the interest policy used by the Bank of Russia to ensure price stability.
February 2012
February 3 (extract from the press release)
The Bank of Russia External & Public Relations Department informs that the Bank of Russia Board of
Directors took a decision on February 3, 2011, to leave the refinancing rate and interest rates on Bank of
Russia operations unchanged (Table «Interest Rates on Bank of Russia Operations»).
The decision was made following an assessment of inflation risks and risks to slowdown economic
growth, including risks posed by the persisting uncertainty over external economic developments.
2011 Q4 29
Inflation slowed down considerably in January 2012: the consumer price annual growth rate fell to
4.1% (6.1% at 2011 year-end) as of January 30 due to the rescheduled for the mid-2012 raise of most
of the administered prices and tariffs. The Bank of Russia takes account of the temporality of this effect
and will continue being guided by mid-term inflation forecasts in taking monetary policy decisions. The
appreciation of the ruble in January may have a certain disinflation effect.
The dynamics of the key macroeconomic indicators in December suggested that consumption indica-
tors remained stable in December amid moderate industrial sector indicators. Further contraction of the
unemployment rate, accelerated growth rates in real incomes and continued growth in consumer loans
contributed to the acceleration of retail turnover growth rates. Annual growth rates in fixed capital invest-
ments increased in December. Meanwhile, the annual growth of industrial output index decreased con -
siderably as against November , which was conditioned in part by the decrease in specific components of
the index through weather factors. Low industrial output growth rates and weak sentiment indicators of
economic agents have remained unchanged over the recent months.
Given the current internal and external macroeconomic trends, the Bank of Russia regards the estab-
lished level of interest rates in the money market within the interest rate corridor as acceptable to secure
a balance between inflation risks and economic slowdown risks in the near future. The Bank of Russia will
continue monitoring the effect of tightening the monetary conditions connected with the effect of the
movement to liquidity shortage in the banking sector amid decrease in lending in external financial mar -
kets.
The next meeting of the Bank of Russia Board of Directors to consider monetary policy is scheduled
for the first half of March 2012.
February 6
The Bank of Russia External & Public Relations Department informs that the Bank of Russia Board of
Directors took a decision on February 3, 2012, to approve the following list of national rating agencies
whose ratings are used by the Bank of Russia pursuant to Bank of Russia Ordinance No. 2732-U, dated
November 17, 2011, “On the Specifics of Making by Credit Institutions Provisions for Possible Losses on
Operations with Securities whose Title is Certified by Institutions (Depositaries)” (hereinafter referred to as
the Bank of Russia Ordinance) to assess the compliance by the institutions (depositaries) with the criteria
set forth in the Bank of Russia Ordinance, as well as minimum long-term credit ratings for each of the na-
tional rating agencies eligible for the foregoing list:
No. National rating agency Minimum long-term credit rating
1 RusRating rating agency «BB»
2 Expert RA rating agency «A»
3 National Rating Agency rating agency «A»
4 АК&М rating agency «A»
5 Moody’s Interfax Rating Agency «A2.ru»
30 2011 Q4
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 2.4 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 -6.2 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 0.5 0.3 3.0 0.2 0.3 0.4
Full year (December on December) 8.8 8.3 6.1 6.9 -1.7 9.7 9.7 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 0.4 0.4 0.4
Full year (December on December) 8.8 6.6 12.9 9.4 45.6 5.0 4.9 8.1
January 2.4 1.1 2.6 1.6 11.2 0.9 0.6 4.1
February 0.8 0.7 1.2 1.0 2.7 0.3 0.5 0.8
March 0.6 0.7 0.9 0.9 1.4 0.5 0.6 0.3
April 0.4 0.5 0.4 0.6 -1.6 0.5 0.5 0.5
May 0.5 0.4 0.0 0.2 -1.6 0.8 0.4 0.7
June 0.2 0.3 -0.2 0.1 -3.2 0.4 0.3 0.7
July 0.0 0.4 -0.7 0.4 -9.2 0.3 0.3 0.6
August -0.2 0.4 -1.4 0.3 -16.0 0.5 0.4 0.3
September 0.0 0.5 -0.6 0.2 -9.8 0.7 0.7 -0.1
October 0.5 0.5 0.5 0.5 0.5 0.7 0.7 0.1
November 0.4 0.5 0.5 0.7 -1.0 0.6 0.5 0.1
December 0.4 0.4 0.7 0.6 1.3 0.3 0.4 0.3
Full year (December on December) 6.1 6.6 3.9 7.4 -24.7 6.7 6.0 8.7
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.
Statistical Addendum
2011 Q4 31
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 2.4 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 9.7 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
January 2.4 1.1 2.6 1.6 11.2 0.9 0.6 4.1
February 3.2 1.8 3.9 2.6 14.2 1.2 1.1 4.9
March 3.8 2.5 4.8 3.5 15.8 1.7 1.7 5.2
April 4.3 3.0 5.2 4.1 14.0 2.2 2.2 5.7
May 4.8 3.4 5.2 4.4 12.2 3.0 2.6 6.5
June 5.0 3.8 5.0 4.5 8.7 3.5 2.9 7.2
July 5.0 4.1 4.2 4.9 -1.3 3.8 3.2 7.9
August 4.7 4.6 2.8 5.2 -17.1 4.3 3.6 8.2
September 4.7 5.1 2.1 5.5 -25.2 5.0 4.3 8.1
October 5.2 5.6 2.7 6.0 -24.9 5.7 5.1 8.3
November 5.6 6.2 3.2 6.7 -25.7 6.3 5.7 8.4
December 6.1 6.6 3.9 7.4 -24.7 6.7 6.0 8.7
1 Excluding vegetables and fruit.
2 Bank of Russia estimate.
32 2011 Q4
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 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 3.9 9.2 10.2 17.0
March 14.0 14.9 15.8 17.5 2.5 9.9 11.2 17.0
April 13.2 14.4 14.1 16.3 -3.0 10.0 11.7 16.1
May 12.3 13.6 12.5 14.9 -5.1 9.9 11.9 15.3
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 9.7 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
January 9.6 7.2 14.2 10.2 51.1 5.6 5.2 8.2
February 9.5 7.4 14.2 10.5 46.9 5.6 5.4 7.9
March 9.5 7.7 14.1 10.8 42.9 5.8 5.6 7.9
April 9.6 8.0 14.1 11.2 39.1 5.9 5.8 8.2
May 9.6 8.3 13.4 11.6 27.7 6.3 5.9 8.6
June 9.4 8.4 12.5 11.7 18.3 6.6 5.9 8.8
July 9.0 8.4 11.3 11.7 8.1 6.6 6.0 8.9
August 8.2 8.1 8.8 10.7 -7.9 6.8 6.1 9.0
September 7.2 7.4 6.4 8.9 -17.1 6.8 6.1 8.8
October 7.2 7.2 6.2 8.4 -15.2 6.9 6.2 9.0
November 6.8 6.9 5.3 8.0 -19.3 6.8 6.1 8.8
December 6.1 6.6 3.9 7.4 -24.7 6.7 6.0 8.7
1 Bank of Russia estimate.
2 Excluding vegetables and fruit.
Statistical Addendum
2011 Q4 33
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 0.3 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 3.3 1.8 2.1 1.6 8.8 5.3 3.5
January 0.5 0.3 1.1 0.4 2.4 0.8 1.5
February 0.9 0.4 1.3 0.6 3.2 1.4 1.7
March 1.2 0.6 1.4 0.7 3.8 2.0 1.8
April 1.4 0.8 1.5 0.6 4.3 2.4 1.8
May 1.5 1.1 1.7 0.5 4.8 2.7 2.0
June 1.6 1.2 1.9 0.4 5.0 3.0 2.0
July 1.7 1.3 2.0 -0.1 5.0 3.3 1.7
August 1.8 1.5 2.1 -0.7 4.7 3.6 1.1
September 1.9 1.8 2.1 -1.1 4.7 4.1 0.6
October 2.1 2.0 2.1 -1.0 5.2 4.5 0.7
November 2.3 2.2 2.2 -1.1 5.6 4.9 0.7
December 2.5 2.4 2.3 -1.0 6.1 5.3 0.8
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.
34 2011 Q4
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 0.3 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
January 0.5 0.3 1.1 0.4 2.4 0.8 1.5
February 0.3 0.1 0.2 0.2 0.8 0.6 0.2
March 0.3 0.2 0.1 0.1 0.6 0.6 0.1
April 0.2 0.2 0.1 -0.1 0.4 0.4 0.0
May 0.1 0.3 0.2 -0.1 0.5 0.3 0.2
June 0.0 0.1 0.2 -0.1 0.2 0.3 0.0
July 3 0.0
August 3 -0.2
September 3 0.0
October 0.2 0.3 0.0 0.0 0.5 0.4 0.1
November 0.2 0.2 0.0 0.0 0.4 0.4 0.0
December 0.2 0.1 0.1 0.0 0.4 0.3 0.1
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 or negative inflation, estimates may vary.
Statistical Addendum
2011 Q4 35
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 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 41.1 32.9 -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 37.0 20.7 23.6 18.7 60.3 39.7
January 23.1 13.7 45.7 17.6 35.4 64.6
February 28.0 13.4 39.8 18.7 44.8 55.2
March 31.4 15.8 35.5 17.3 52.0 48.0
April 33.3 18.2 34.8 13.7 56.8 43.2
May 31.5 22.5 35.2 10.7 57.3 42.7
June 31.0 24.5 37.3 7.3 59.8 40.2
July 33.6 26.7 40.8 -1.1 66.0 34.0
August 37.8 32.2 45.0 -15.1 76.8 23.2
September 39.9 37.7 44.9 -22.5 86.3 13.7
October 39.6 39.2 41.2 -20.0 86.7 13.3
November 40.7 39.8 38.5 -19.0 87.4 12.6
December 41.3 38.7 36.9 -16.9 86.6 13.5
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.
36 2011 Q4
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 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 49.4 12.3 10.2 87.7 12.3
December 27.3 19.3 30.1 23.3 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 38.5 15.0 10.4 36.1 52.4 47.6
January 23.1 13.7 45.7 17.6 35.4 64.6
February 42.7 12.7 22.4 22.2 72.9 27.1
March 48.1 27.7 14.0 10.3 87.5 12.5
April 48.8 38.8 29.1 -16.7 96.9 3.1
May 16.9 59.7 38.3 -14.9 61.7 38.3
June 19.7 64.0 79.1 -62.7 110.0 -10.0
July 3
August 3
September 3
October 37.0 52.5 7.6 2.9 89.4 10.6
November 54.5 47.2 5.6 -7.3 95.5 4.5
December 48.0 24.7 18.1 9.2 76.0 24.0
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 or negative inflation, estimates may vary.
Statistical Addendum
2011 Q4 37
Year Q1 Q2 Q3 Q4
Macroeconomic indicators
GDP1
over period since start of year. billions of rubles
2009 8,306 17,528 27,967 38,809
2010 9,572 20,195 31,968 45,166
2011 11,410 24,167 38,222 54,369
over period since start of year, as % of corresponding period of previous
year
2009 90.8 … … 92.2
2010 103.5 104.3 103.9 104.3
2011 104.1 103.7 104.1 104.3
as % of corresponding quarter of previous year
2009 90.8 88.8 91.4 97.4
2010 103.5 105.0 103.1 104.5
2011 104.1 103.4 104.8
Industrial output index
as % of corresponding quarter of previous year
2009 84.5 86.4 90.4 101.8
2010 109.5 110.9 106.4 106.5
2011 105.9 104.8 105.1 103.3
over period since start of year, as % of corresponding period of previous
year
2009 84.5 85.5 87.1 90.7
2010 109.5 110.2 108.9 108.2
2011 105.9 105.3 105.2 104.7
Agricultural output
as % of corresponding quarter of previous year
2009 102.2 100.7 98.9 105.1
2010 100.5 98.6 79.2 96.2
2011 100.7 100.6 126.1 132.6
over period since start of year, as % of corresponding period of previous
year
2009 102.2 … … 101.4
2010 100.5 99.4 87.0 88.7
2011 100.7 100.7 118.2 122.1
Fixed capital investment
over period since start of year, billions of rubles
2009 1,224.3 2,946.4 5,007.4 7,976.0
2010 1,242.6 3,205.1 5,566.2 9,151.4
2011 1,353.0 3,598.0 6,355.5 10,560.5
as % of corresponding quarter of previous year
2009 82.0 79.1 82.3 90.7
2010 95.2 105.6 105.3 111.1
2011 99.2 105.0 107.7 108.5
Retail trade turnover
over period since start of year, billions of rubles
2009 3,327.2 6,836.5 10,521.3 14,584.7
2010 3,625.7 7,560.2 11,764.0 16,468.6
2011 4,182.8 8,758.6 13,642.2 19,075.0
as % of corresponding quarter of previous year
2009 100.5 94.8 91.2 94.3
2010 102.2 106.9 108.4 107.4
2011 105.2 106.1 107.9 109.1
Federal budget on accrual
basis, as of end of period
revenue
billions of rubles
2009 1,732.7 3,172.2 5,114.4 7,337.8
2010 1,954.9 3,997.9 6,008.6 8,305.4
2011 2,392.8 5,306.4 8,213.0 11,366.0 2
as % of GDP
2009 20.9 2 18.1 2 18.3 2 18.9
2010 20.4 2 19.8 2 18.8 2 18.4
2011 21.0 2 22.0 2 21.5 2 20.9 2
expenditure
billions of rubles
2009 1,762.4 3,893.8 6,441.7 9,660.1
2010 2,199.5 4,386.2 6,701.2 10,117.4
2011 2,214.7 4,602.9 7,082.1 10,935.2 2
as % of GDP
2009 21.2 2 22.2 2 23.0 2 24.9
2010 23.0 2 21.7 2 21.0 2 22.4
2011 19.4 2 19.0 2 18.5 2 20.1 2
surplus(+)/
deficit(-)
billions of rubles
2009 -29.7 -721.7 -1,327.2 -2,322.3
2010 -244.6 -388.3 -692.6 -1,812.0
2011 178.0 703.5 1,130.9 430.8 2
as % of GDP
2009 -0.4 2 -4.1 2 -4.7 2 -6.0
2010 -2.6 2 -1.9 2 -2.2 2 -4.0
2011 1.6 2 2.9 2 3.0 2 0.8 2
General government budget
on accrual basis, as of end
of period
revenue
billions of rubles
2009 3,033.5 6,042.7 9,555.0 13,599.7
2010 3,463.1 7,603.5 11,419.4 16,031.9
2011 4,392.5 9,885.1 15,170.8 20,853.7 2
as % of GDP
2009 36.5 2 34.5 2 34.2 2 35.0
2010 36.2 2 37.6 2 35.7 2 35.5
2011 38.5 2 40.9 2 39.7 2 38.4 2
expenditure
billions of rubles
2009 2,807.1 6,619.7 10,503.9 16,048.3
2010 3,220.7 7,331.2 11,309.8 17,616.6
2011 3,575.4 8,138.7 12,745.4 20,004.8 2
as % of GDP
2009 33.8 2 37.8 2 37.6 2 41.4
2010 33.6 2 36.3 2 35.4 2 39.0
2011 31.3 2 33.7 2 33.3 2 36.8 2
surplus(+)/
deficit(-)
billions of rubles
2009 226.4 -577.0 -948.9 -2,448.6
2010 242.4 272.3 109.7 -1,584.6
2011 817.0 1 746.4 2,425.4 848.8 2
as % of GDP
2009 2.7 2 -3.3 2 -3.4 2 -6.3
2010 2.5 2 1.3 2 0.3 2 -3.5
2011 7.2 2 7.2 2 6.3 2 1.6 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 Treasury.
38 2011 Q4
Year Q1 Q2 Q3 Q4
Socio-economic indicators
Nominal imputed average
monthly per employee wage
rubles
2009 17,441 18,419 18,673 20,670
2010 19,485 20,809 21,031 23,491
2011 21,354 23,154 23,352 26,262
as % of corresponding quarter of previous year
2009 112.8 108.0 105.7 108.4
2010 110.5 112.4 111.6 112.7
2011 111.2 112.5 112.2 113.0
over period since start of year, as % of corresponding period of previous
year
2009 112.8 … … 107.8
2010 110.5 111.5 111.5 112.4
2011 111.2 111.8 111.9 112.2
Real imputed average monthly per employee wage, as % of corresponding quarter of previous year
2009 99.2 96.1 94.8 99.3
2010 103.1 106.1 105.1 104.2
2011 101.6 102.7 103.8 105.9
Household money income (per capita monthly average), rubles
2009 14,149.9 17,070.1 16,831.4 19,978.6
2010 16,079.6 18,656.1 18,636.4 22,132.5
2011 17,673.2 20,308.8 20,564.1 24,343.7
Household real disposable
money income
as % of corresponding quarter of previous year
2009 101.9 103.9 97.4 109.1
2010 108.1 104.3 105.8 102.9
2011 100.0 99.0 101.6 102.7
over period since start of year, as % of corresponding period of previous
year
2009 101.9 … … 103.1
2010 108.1 106.0 105.9 105.1
2011 100.0 99.4 100.2 100.8
Household spending, as % of
income
purchase of goods and payment for services
2009 77.0 67.4 71.6 65.4
2010 72.9 68.1 72.4 67.2
2011 78.6 72.8 76.1 70.3
obligatory payments and contributions
2009 11.1 10.4 10.8 9.8
2010 9.4 9.7 10.1 10.1
2011 9.6 9.8 10.4 10.4
growth in savings
2009 8.2 16.4 12.1 17.3
2010 15.8 15.5 12.1 15.1
2011 10.6 11.1 6.8 12.4
purchase of foreign currency
2009 10.1 3.4 5.9 3.5
2010 3.2 3.2 4.1 4.0
2011 3.8 3.9 4.8 4.4
cash on hand
2009 -6.4 2.4 -0.4 4.0
2010 -1.3 3.5 1.3 3.6
2011 -2.6 2.4 1.9 2.5
Average imputed pension, total, rubles
2009 4,614 5,151 5,330 5,670
2010 7,126 7,580 7,596 7,604
2011 8,011 8,254 8,263 8,284
Real imputed pension
as % of corresponding quarter of previous year
2009 106.1 113.3 109.1 114.2
2010 144.1 138.9 134.3 124.1
2011 102.7 99.4 100.6 102.1
over period since start of year, as % of corresponding period of previous
year
2009 106.1 … … 110.7
2010 144.1 141.3 138.8 134.8
2011 102.7 101.0 100.9 101.2
Total number of unemployed
(calculated by ILO
methodology)
million
2009 6.8 6.5 6.0 6.1
2010 6.6 5.6 5.2 5.2
2011 5.6 5.0 4.8 4.7
as % of economically active population
2009 9.1 8.6 7.8 8.0
2010 8.8 7.4 6.8 6.9
2011 7.5 6.6 6.2 6.3
Table 8 (continued)
Statistical Addendum
2011 Q4 39
Year Q1 Q2 Q3 Q4
Foreign economic activities
Price of Urals crude, over period since start of
year
$/barrel
2009 43.2 50.6 56.4 60.8
2010 75.1 75.9 75.8 78.2
2011 102.6 108.3 109.7 109.6
as % of corresponding period of previous year
2009 46.2 48.0 52.3 64.6
2010 173.8 150.0 134.5 128.6
2011 136.6 142.7 144.7 140.1
Exports of goods, over period since start of year
$ billion
2009 57.3 125.4 207.8 303.4
2010 92.2 189.9 287.5 400.4
2011 113.3 247.0 377.8 521.4 3
as % of corresponding period of previous year
2009 52.0 52.9 55.6 64.3
2010 161.1 151.5 138.4 132.0
2011 122.8 130.1 131.4 130.2 3
Imports of goods, over period since start of year
$ billion
2009 38.5 82.4 131.5 191.8
2010 45.7 103.9 172.3 248.7
2011 65.1 148.1 232.0 323.3 3
as % of corresponding period of previous year
2009 63.9 60.7 60.1 65.7
2010 118.8 126.0 131.1 129.7
2011 142.4 142.6 135.2 130.0 3
Current account balance (over period since start of year), $ billion
2009 9.7 17.6 32.7 48.6
2010 33.6 52.1 57.6 70.3
2011 31.2 53.1 71.5 101.1 3
Private sector net capital outflow (inflow) (over period since start of year), $ billion
2009 -35.0 -31.4 -64.9 -56.1
2010 -15.0 -11.5 -14.3 -33.6
2011 -20.1 -27.5 -46.4 -84.2 3
Foreign investment in Russia’s non-financial sector
(Rosstat data), over period since start of year
$ billion
2009 12.0 32.2 54.7 81.9
2010 13.1 30.4 47.5 114.7
2011 44.3 87.7 133.8
as % of corresponding period of previous year
2009 69.7 69.1 72.2 79.0
2010 109.3 94.5 86.8 140.1
2011 by 3.4 times by 2.9 times by 2.8 times
of which:
direct
$ billion
2009 3.2 6.1 10.0 15.9
2010 2.6 5.4 8.2 13.8
2011 3.9 7.0 11.7
as % of corresponding period of previous year
2009 57.0 55.0 51.9 58.9
2010 82.4 89.0 82.2 86.8
2011 148.3 129.8 143.2
portfolio
$ billion
2009 0.1 0.9 1.0 0.9
2010 0.3 0.7 0.9 1.1
2011 0.1 0.2 0.5
as % of corresponding period of previous year
2009 93.5 74.9 78.6 62.3
2010 by 2.5 times 81.1 85.0 121.9
2011 41.8 34.5 61.8
other
$ billion
2009 8.7 25.2 43.7 65.1
2010 10.2 24.3 38.4 99.9
2011 40.3 80.4 121.5
as % of corresponding period of previous year
2009 75.6 73.5 79.1 86.5
2010 117.1 96.2 87.8 153.3
2011 by 3.9 times by 3.3 times by 3.2 times
Russia's international reserves (as of end of period), $ billion
2009 383.8 412.5 413.4 439.5
2010 447.4 461.2 490.1 479.4
2011 502.5 524.5 516.8 498.6
Real ruble exchange rate index (last month of
quarter), growth as % of December of previous
year4
rubles per US dollar
2009 -15.4 -5.0 -3.9 -0.4
2010 3.6 -0.7 2.0 4.0
2011 10.5 12.4 2.4 1.1
rubles per euro
2009 -12.0 -7.0 -9.0 -6.5
2010 11.7 18.6 14.5 14.5
2011 5.2 4.6 -0.9 1.6
effective rate
2009 -10.0 -4.2 -5.6 -3.9
2010 7.4 9.7 6.8 6.9
2011 6.9 8.4 1.0 3.8
Table 8 (continued)
40 2011 Q4
Year Q1 Q2 Q3 Q4
Financial market indicators (including Sberbank interest rates)
Average for period
Overnight interbank credit
rate, % p.a.
in rubles
2009 11.6 7.7 7.1 5.5
2010 4.2 3.1 2.6 2.9
2011 2.8 3.6 4.1 5.1
in US dollars
2009 0.2 0.2 0.2 0.2
2010 0.2 0.3 0.3 0.3
2011 0.2 0.2 0.2 0.2
OFZ yields, % p.a. 5
2009 10.5 10.3 10.6 9.1
2010 7.9 7.4 7.3 7.4
2011 7.5 7.5 7.6 8.0
Interest rate on household
time deposits, % p.a.
up to 1 year in rubles
2009 10.0 10.8 10.7 10.2
2010 8.5 7.1 6.0 5.6
2011 5.3 5.1 5.1 6.4
over 1 year in rubles
2009 10.0 10.3 9.3 9.2
2010 7.7 6.2 5.3 4.8
2011 5.6 5.6 6.0 6.9
up to 1 year in US dollars
2009 6.0 5.3 5.5 5.2
2010 4.3 3.7 3.6 3.7
2011 3.5 3.1 3.1 3.5
over 1 year in US dollars
2009 6.5 6.1 5.7 5.5
2010 4.9 4.8 4.4 4.7
2011 4.5 4.6 4.2 4.7
Interest rate on loans to non-
financial organisations, % p.a.
up to 1 year in rubles
2009 16.6 15.8 14.9 13.9
2010 12.8 11.4 10.0 9.1
2011 8.7 8.3 8.0 8.9
over 1 year in rubles
2009 15.1 16.2 15.8 14.7
2010 13.9 12.3 11.4 10.5
2011 10.6 10.5 10.3 10.1
up to 1 year in US dollars
2009 10.7 10.1 10.0 9.3
2010 8.3 7.5 6.9 6.1
2011 6.2 4.4 4.7 5.3
over 1 year in US dollars
2009 12.7 11.6 10.7 9.0
2010 10.3 8.8 7.4 8.0
2011 7.3 7.3 7.2 7.5
Interest rate on ruble-denominated promissory notes discounted by banks, % p.a. 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
2011 8.4 10.0 8.9 9.4
Interest rate on ruble-denominated promissory notes issued and discounted by credit institutions, % p.a. 6
2010 9.3 7.8 7.4 7.5
2011 7.4 7.5 8.4 8.3
MICEX rate in «tomorrow» trades, ruble/US dollar
2009 34.4761 32.2032 31.3160 29.4737
2010 29.8318 30.2891 30.6072 30.7248
2011 29.1281 27.9951 29.1545 31.2231
As of end of quarter
RTS index, points
2009 689.63 987.02 1,254.52 1,444.61
2010 1,572.48 1,339.35 1,507.66 1,770.28
2011 2,044.20 1,906.71 1,341.09 1,381.87
Refinancing rate, % p.a.
2009 13.00 11.50 10.00 8.75
2010 8.25 7.75 7.75 7.75
2011 8.00 8.25 8.25 8.00
Table 8 (continued)
Statistical Addendum
2011 Q4 41
Table 8 (end)
Year 1.01 1.04 1.07 1.10
Monetary indicators
M0, billions of rubles
2010 4,038.1 3,986.1 4,367.7 4,524.5
2011 5,062.7 4,918.2 5,192.2 5,420.4
2012 5,938.6
M2, billions of rubles
2010 15,267.6 15,639.4 16,900.9 17,690.2
2011 20,011.9 19,819.0 20,745.3 21,497.4
2012 24,543.4
Broad money, billions of rubles
2010 19,095.8 19,309.7 20,557.1 21,318.6
2011 23,791.2 23,641.1 24,455.0 25,680.3
2012 28,814.9
Net foreign assets, billions of rubles
2010 13,942.7 13,816.0 14,814.0 15,119.3
2011 15,041.2 15,025.3 15,599.9 17,514.6
2012 17,267.8
Domestic claims, billions of rubles
2010 13,241.8 13,460.4 14,097.3 15,003.0
2011 17,468.2 17,005.1 17,234.7 18,635.9
2012 22,195.9
Broad monetary base, billions of rubles
2010 6,467.3 6,363.9 7,195.0 7,126.0
2011 8,190.3 7,514.2 7,410.3 7,407.9
2012 6,895.8
Balances of correspondent accounts, billions of rubles
2010 900.3 579.5 603.6 590.0
2011 994.7 597.2 786.5 781.6
2012 981.6
Monetisation of the economy (by M2 aggregate), %
2010 32.8 33.6 35.0 36.5
2011 37.5 37.9 38.1 37.9
2012 38.3 2
Money multiplier
by broad monetary base
2010 2.36 2.46 2.35 2.48
2011 2.44 2.64 2.80 2.90
2012 2.84
change since start of year, %
2010 1.5 7 4.1 -0.5 5.2
2011 3.5 7 7.9 14.6 18.8
2012 16.2 7
Foreign exchange rates
rubles per US dollar
2010 30.19 29.50 31.26 30.51
2011 30.35 28.52 27.87 32.11
2012 32.20
rubles per euro
2010 43.46 39.57 38.21 41.44
2011 40.49 40.39 40.42 43.42
2012 41.67
1 Data for 2009, 2010 and 2011 have been recalculated without linkage to the quarterly data. Quarterly results will be actualised in March 2012.
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 Ordinance No. 2332-U, dated November 12, 2009, the set of indicators used to characterise credit institutions’ interest rate policy
in 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 promissory notes denominated in Russian rubles.
7 Relative to beginning of previous year.
42 2011 Q4
Table 9
Bank of Russia interest rates1 in 2011
Purpose Type of instrument Instrument Period
Interest rate, % p.a.
From
1.01.11 to
27.02.11
From
28.02.11 to
2.05.11
From
3.05.11 to
30.05.11
From
31.05.11 to
14.09.11
From
15.09.11 to
25.12.11
From
26.12.11
Providing liquidity
Standing facilities
(fixed rates)
Overnight loans 2 1 day 7.75 8.00 8.25 8.25 8.25 8.00
Currency swap operations 3 1 day 7.75 8.00 8.25 8.25 8.25 8.00
Repo, Lombard loans 1 day 6.75 6.75 6.75 6.75 6.50 6.25
Lombard loans
7 days 6.75 6.75 6.75 6.75 6.50 6.25
30 days4 6.75 6.75 6.75 6.75 6.50 6.25
Repo
7 days 5 6.75 6.75 6.75 6.75 6.50 6.25
12 months 5 7.50 7.75 8.00 8.00 7.75 7.75
Loans secured by gold6
Up to 90 days 7.00 6.75 6.75
From 91 to 180 days 7.25 7.25
Loans secured by non-
market assets or
guarantees7
Up to 90 days 6.75 7.00 7.25 7.25 7.00 7.00
From 91 to 180 days8 7.25 7.50 7.75 7.75 7.50 7.50
From 181 to 365 days5 7.75 8.00 8.25 8.25 8.25 8.00
Open market operations
(minimum interest rates)
Repo auctions 1 day 5.00 5.25 5.50 5.50 5.25 5.25
Repo auctions, Lombard
loan auctions
7 days 5.00 5.25 5.50 5.50 5.25 5.25
3 months 6.50 6.75 7.00 7.00 6.75 6.75
6 months5 7.00 7.25 7.50 7.50 7.25 7.25
12 months5 7.50 7.75 8.00 8.00 7.75 7.75
Absorbing liquidity
Standing facilities
(fixed rates) Deposit operations
demand, 1 day 2.75 3.00 3.25 3.50 3.75 4.00
7 days 3.00 3.00 3.25 3.50 3.75 4.00
Open market operations
(maximum interest rates) Deposit auctions
1 month 5.00 5.00 5.25 5.50 5.50 5.50
3 months5 6.00 6.00 6.25 6.50 6.50 6.50
Memo item:
Refinancing rate 7.75 8.00 8.25 8.25 8.25 8.00
1 Interest rates set by the Bank of Russia Board of Directors.
2 Provided pursuant to Bank of Russia Regulations No. 236-P, dated August 4, 2003, No. 312-P, dated November 12, 2007, and No. 362-P, dated November 30, 2010.
3 Interest rate to determine the minimum swap difference.
4 The issue of loans was suspended from February 10, 2011.
5 Operations were not held in 2011; a decision was earlier taken on their suspension.
6 The interest rate on loans with a term of up to 90 days was set at 7% p.a. from August 29, 2011, and the interest rate on loans for a term of 91 to 180 days was set at 7.25% p.a. from
November 1, 2011.
7 The provision of loans secured by guarantees was suspended from March 1, 2011, to September 30, 2011.
8 The provision of loans was suspended from February 10, 2011, to October 31, 2011.
Statistical Addendum
2011 Q4 43
Table 11
Credit institutions’ required reserve ratios
(from November 1, 2009, up to present, %)
Required reserve ratio for
bank obligations to non-
resident legal entities in
Russian currency
Required reserve ratio for
bank obligations to non-
resident legal entities 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 —
February 28, 2011 3,5 3,0 3,0
March 1, 2011 —
March 31, 2011 4,5 3,5 3,5
April 1, 2011 — 5,5 4,0 4,0
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
© The Central Bank of the Russian Federation, 2012
Research and Information Department