What in the period from. Indexation of the insurance part of the pension by year. What is pension indexation

Key rate of the Bank of Russia and all its changes

The key rate of the Central Bank of the Russian Federation for today is 7.50%, and from July 29, 2019 - 7.25%. The next Board of Directors of the Bank of Russia, held on July 26, 2019, decided to reduce the key rate by 25 bp, to 7.25% per annum. This key rate will be valid until September 6, 2019.

The Board of Directors noted that inflation continues to slow down. However, inflation expectations remain at elevated levels. The growth rates of the Russian economy are below the expectations of the Bank of Russia. Weak economic activity, along with temporary factors, limits inflation risks in the short term. According to the forecast of the Bank of Russia, taking into account the current monetary policy, annual inflation will return to 4% at the beginning of 2020.

If the situation develops in accordance with the baseline forecast, the Bank of Russia allows for the possibility of a further reduction in the key rate at one of the next meetings of the Board of Directors and a transition to a neutral monetary policy in the first half of 2020. The Bank of Russia will make decisions on the key rate taking into account the actual and expected dynamics of inflation relative to the target, economic development over the forecast horizon, as well as assessing risks from internal and external conditions and the reaction of financial markets to them.

Bank of Russia key rate at the end of July - beginning of September 2019

At the regular meeting of the Board of Directors of the Bank of Russia, held on July 26, 2019 it was decided to reduce the key rate by 25 bp to 7.25%. This key rate will be valid from July 29, 2019 to September 6, 2019, i.e. before the date of the next meeting of the Board of Directors of the Bank of Russia.

The previous key rate of the Bank of Russia was 7.50% and its validity period lasted just over one month (from 06/17/2019 to 07/28/2019).

When deciding to reduce the key rate to 7.25%, the Board of Directors of the Bank of Russia proceeded from the following:

Inflation dynamics. Inflation continues to slow down. The annual growth rate of consumer prices in June decreased to 4.7% (from 5.1% in May 2019) and, according to estimates as of July 22, amounted to about 4.6%. At the end of June, annual core inflation decreased for the first time since March 2018 and amounted to 4.6%. The monthly growth rate of consumer prices, excluding seasonality, slowed to 0.1% in June after 0.3–0.4% in February-May. At the same time, most monthly inflation indicators, reflecting the most stable processes of price dynamics, according to Bank of Russia estimates, are close to 4% in annual terms.
The dynamics of consumer demand have a restraining effect on inflation. Temporary disinflationary factors also contributed to the slowdown in consumer price growth, including the strengthening of the ruble since the beginning of this year and the decline in prices for fruits and vegetables amid the earlier arrival of the new harvest. The dynamics of annual inflation were also affected by base effects.
In June-July, enterprises' price expectations continued to decline. The population's inflation expectations have not changed significantly since April, remaining at an elevated level. Slowing inflation creates conditions for lower inflation expectations in the future.
According to the forecast of the Bank of Russia, taking into account the current monetary policy, annual inflation will return to 4% at the beginning of 2020.
Monetary conditions. Since the previous meeting of the Board of Directors of the Bank of Russia, monetary conditions have continued to soften. This was also facilitated by a change in the expectations of financial market participants regarding the trajectory of the Bank of Russia key rate, as well as a downward revision of the expected trajectories of interest rates in the US and the eurozone. OFZ yields and deposit rates continued to decline. The decisions taken by the Bank of Russia to reduce the key rate and the decline in OFZ yields that has occurred since the beginning of this year create conditions for a reduction in deposit and lending rates in the future.
In June, lending to the real sector continued to grow amid easing monetary conditions. The annual growth rate of loans to non-financial organizations reached its highest level since 2015, while the growth rate of loans to individuals has stabilized after a noticeable increase in previous months.
Economic activity. The growth rate of the Russian economy since the beginning of the year has been below the expectations of the Bank of Russia. This is due to the weak dynamics of investment activity, as well as a significant decrease in annual export growth rates, including against the backdrop of weakening external demand. In the second quarter, there was an acceleration in annual growth in industrial production, which may not be sustainable. The annual growth rate of retail trade turnover continued to decline amid a decline in real disposable income of the population. Unemployment is at historically low levels, but with the number of people employed and the labor force shrinking, this is not creating excessive inflationary pressure.
In the first half of the year, fiscal policy had an additional restraining effect on the dynamics of economic activity, which is partly due to the shift in the implementation of a number of national projects planned by the Government. From the second half of 2019, an increase in government spending, including investment, is expected.
Inflation risks. Over the short term, disinflationary risks prevail over proinflationary ones. This is primarily due to the weak dynamics of domestic and external demand.
At the same time, elevated and unanchored inflation expectations remain significant risks. There remain risks of a slowdown in global economic growth, including due to further tightening of international trade restrictions. Geopolitical factors may lead to increased volatility in global commodity and financial markets and affect exchange rate and inflation expectations. Supply side factors in the oil market may increase the volatility of global oil prices. However, the revision of the expected trajectories of interest rates in the United States and the eurozone in June-July reduces the risks of significant capital outflows from emerging market countries.
Fiscal policy can have a significant impact on inflation dynamics both in the short and medium term. The catch-up growth of budget expenditures in the second half of this year may have a pro-inflationary effect at the end of 2019 - beginning of 2020. In the future, possible decisions to use the liquid part of the National Welfare Fund above the threshold level of 7% of GDP may exert upward pressure on inflation.
The Bank of Russia's assessment of risks associated with the dynamics of wages, prices for certain food products, and possible changes in consumer behavior has not changed significantly. These risks remain moderate.
If the situation develops in accordance with the baseline forecast, the Bank of Russia allows for the possibility of a further reduction in the key rate at one of the next meetings of the Board of Directors and a transition to a neutral monetary policy in the first half of 2020. The Bank of Russia will make decisions on the key rate taking into account the actual and expected dynamics of inflation relative to the target, economic development over the forecast horizon, as well as assessing risks from internal and external conditions and the reaction of financial markets to them.

The next meeting of the Board of Directors of the Bank of Russia, at which the issue of the level of the key rate will be considered, is scheduled for September 6, 2019. Time of publication of a press release on the decision of the Board of Directors of the Bank of Russia - 13:30 Moscow time.

Dynamics of the key rate of the Central Bank of the Russian Federation for 2013 - 2019

The key rate was declared as the main instrument of monetary policy from September 13, 2013. From this date until the end of 2013, it was 5.50% per annum, inflation at the end of 2013 was 6.45%.

In 2014, the key rate changed 6 times, all in the direction of growth. Russia ended 2014 with the Central Bank key rate of 17.00%. A sharp increase in the key rate to 17.00% per annum occurred on December 16, 2014. The Board of Directors of the Bank of Russia noted that this decision was due to the need to limit devaluation and inflation risks that have significantly increased recently. Inflation at the end of 2014 was 11.36%.

2015, which began with a rate of 17% per annum, continued with its gradual decrease. During 2015, there were 5 changes in the key rate, and there were 6 rates during the year. The year ended with the key rate at 11.00%. Inflation at the end of 2015 was 12.90%.

During January - June 2016, the Bank of Russia periodically decided to maintain the key rate in force since 2015 at 11.0% per annum, from June 14 - reduced it to 10.50%, and from September 19, 2016, reduced it to - 10. 00%. At the end of 2016, the key rate was kept at 10.00%. Inflation at the end of 2016 was 5.4%.

Since the beginning of 2017, the key rate by the Bank of Russia has been maintained at 10.00%, and from the second quarter it began to be systematically lowered. During 2017, the key rate changed 6 times and decreased from 10.00% to 7.75% by the end of the year. Inflation in Russia in 2017 was 2.5%.

At the beginning of 2018, the key rate of the Bank of Russia was 7.75% per annum, from 02/12/2018 it was reduced to 7.50%., from March 26, 2018 it was reduced to 7.25% per annum, and from 09/17/2018 it was increased to 7 ,50%. From December 17, 2018, the rate was again increased to 7.75% and returned to the rate in force at the beginning of the year. The key rate of 7.75% will be valid until March 22, 2019.

From the beginning of 2019, the Bank of Russia rate was 7.75% per annum, from June 17, 2019 - 7.50%, and from July 29, 2019 - 7.25%, which will remain in effect until September 6, 2019. This is already the third key rate in 2019. The overall decrease was 0.50 percentage points.

Table of dynamics (changes) of the key rate of the Central Bank of the Russian Federation for 2013 - 2019

The table shows the dynamics (changes) of the Bank of Russia rate since its introduction (since September 13, 2013):

Bet validity period	Bank of Russia key rate (%)
from July 29, 2019 - to September 06, 2019 (date may be confirmed)	7,25
from June 17, 2019 - to July 28, 2019	7,50
from December 17, 2018 - to June 16, 2019	7,75
from September 17, 2018 - to December 16, 2018	7,50
from March 26, 2018 - to September 16, 2018	7,25
from February 12, 2018 - to March 25, 2018	7,50
from December 18, 2017 - to February 11, 2018	7,75
from October 30, 2017 - to December 17, 2017	8,25
from September 18, 2017 - to October 29, 2017	8,50
from June 19, 2017 - to September 17, 2017	9,00
from May 02, 2017 - to June 18, 2017	9,25
from March 27, 2017 - to May 1, 2017	9,75
from September 19, 2016 - to March 26, 2017	10,00
from June 14, 2016 - to September 18, 2016	10,50
from August 3, 2015 - to June 13, 2016	11,00
from June 16, 2015 - to August 02, 2015	11,50
from May 05, 2015 - June 15, 2015	12,50
from March 16, 2015 to May 04, 2015	14,00
from February 2, 2015 to March 15, 2015	15,00
from December 16, 2014 to February 1, 2015	17,00
from December 12, 2014 to December 15, 2014	10,50
from November 5, 2014 to December 11, 2014	9,50
from July 28, 2014 to November 4, 2014	8,00
from April 28, 2014 to July 27, 2014	7,50
from March 03, 2014 to April 27, 2014	7,00
from September 13, 2013 to March 02, 2014	5,50

Definition and introduction history

The key rate of the Bank of Russia was first officially announced as the main instrument of monetary policy on September 13, 2013. Then, at the Board of Directors of the Bank of Russia, a new macroeconomic concept was introduced - "Key Bet", and the approach to monetary policy instruments was also changed.

It was on September 13, 2013 that the Board of Directors of the Central Bank of the Russian Federation made a historic decision to implement a set of measures to improve the instruments of the monetary policy system as part of the transition to an inflation targeting regime * .

Measures under the new monetary policy of the Bank of Russia include the following:

introduction key rate by unifying interest rates on operations for providing and absorbing liquidity on an auction basis for a period of 1 week;

formation of an interest rate corridor Bank of Russia and optimization of the system of instruments for regulating liquidity in the banking sector;

changing the role of the refinancing rate in the system of instruments of the Bank of Russia.

Bank of Russia announced key rate monetary policy interest rate on operations to provide and absorb liquidity on an auction basis for a period of 1 week (5.50 percent per annum as of September 13, 2013). The Bank of Russia intends to continue to use the key rate as the main indicator of the direction of monetary policy, which will help improve economic entities’ understanding of the decisions taken by the Bank of Russia.

The key rate of the Central Bank of the Russian Federation is a rate set by the Bank of Russia in order to have a direct or indirect impact on the level of interest rates prevailing in the country's economy, which occurs through lending by the Bank of Russia to commercial banks. That is, with its help there is an impact on the economy in order to achieve the planned level of inflation.
Regulation of the key rate, as a rule, is the main instrument of monetary policy of the Bank of Russia.

From January 1, 2016, the Bank of Russia adjusted the refinancing rate to the level of the key rate, and before this date the refinancing rate was of secondary importance and was indicated on the Bank of Russia website for reference.

That is, from September 13, 2013 until January 1, 2016, an entry was made on the Bank of Russia website (in the section of the main financial market indicators) that reflected new approaches to the system of monetary policy instruments. The entry looked like this:

Key rate, % - 0.00

For reference: refinancing rate, % - 0.00.

And since January 1, 2016, the refinancing rate on the website of the Central Bank of the Russian Federation has even ceased to be reflected for reference.

Important: The Board of Directors of the Bank of Russia (dated December 11, 2015) established that starting from January 1, 2016:

the value of the refinancing rate is equal to the value of the key rate of the Bank of Russia determined on the corresponding date and its independent value is not established in the future. The change in the refinancing rate will occur simultaneously with a change in the key rate of the Bank of Russia by the same amount.
from January 1, 2016, the Government of the Russian Federation will use the key rate of the Bank of Russia in all regulations instead of the refinancing rate (about which the Prime Minister of Russia D. Medvedev signed an order).

So, the current key rate of the Bank of Russia is 7.25% per annum, and its validity period is from July 29, 2019 to September 6, 2019.

* Inflation targeting is a set of measures expressed in the selection of economic goals that must be influenced in order to achieve the planned level of inflation.

The dynamics of the refinancing rate from January 1, 1992 to September 13, 2013 can be viewed

Document overview

A forecast of the socio-economic development of our country for 2013 and the planning period 2014-2015 has been prepared.

The main trends observed in 2012 are presented. In general, the growth of the Russian economy continues. For 7 months of this year, according to the Ministry of Economic Development, GDP growth compared to the corresponding previous period amounted to 4.2%. This is due to the high dynamics of industrial production, financial activity, retail and wholesale trade. The monthly growth in real wages from January to July consistently exceeded 10% (with the exception of March). In the labor market, employment is growing in most sectors, and unemployment has dropped to record lows.

Forecast for 2013-2015 compiled in several versions depending on the dynamics of oil prices and the growth rate of the world economy.

For the development of the upcoming federal budget, a moderately optimistic option is proposed as a base one. It is characterized by a relative increase in the competitiveness of the country's economy (trends towards import substitution are intensifying) and an improvement in the investment climate. A moderate increase in government spending on infrastructure development and accelerated growth in public sector wages are expected in 2014-2015. GDP growth in 2013-2015 is planned at the level of 3.7%-4.5%, the US dollar exchange rate is 32.4-33.7 rubles. The basis is relatively favorable conditions: global economic recovery at a rate of 3.3%-4.0% per year and stabilization of the price of Urals oil in the range of 97-104 US dollars per barrel.

Trends in the development of the world economy are reflected. Separately, a forecast is given for Ukraine, Kazakhstan and Belarus. Oil, gas, agricultural and metallurgical markets are analyzed.

The main priorities of economic policy are outlined. This, in particular, is the transition to a fiscal rule and a reduction in inflation. Social development and investment in human capital. Reducing administrative pressure on business. Modernization of the defense complex and armed forces. Economic diversification. Balanced regional development. Improving the investment climate.

The priority directions of tax, customs and tariff, budgetary, industrial and foreign economic policies have also been identified.

Plans for the development of the social sphere (education, healthcare, sports and tourism, culture, housing) are outlined.

The principle of calculating an insurance pension is exactly the same as any funded insurance program. The essence of the method is that a person pays contributions from his salary throughout his entire working life and, as a result, upon retirement, receives the accumulated amount. The insured event in this situation is disability.

A person receives the financial resources accumulated over the entire period of work not once and in full, but monthly, in almost equal shares. But given the current level of inflation, the amount cannot remain at the same level all the time. This is why indexation of the insurance part of the pension is necessary. Its size will depend on the requirements being met. Therefore, you need to think about your life after retirement as early as possible.

What is an insurance pension?

Before deciding what indexation of the insurance part of a pension is, you need to understand the meaning of this concept itself.

This type of payment means monetary compensation to citizens who have an insurance policy and are disabled for any reason. This may be explained by old age, assignment to a disabled group, the presence of disabled family members, or the loss of a breadwinner.

This type of payment includes two components. This is directly an insurance pension, for which indexation of the insurance part of the labor pension and a fixed amount are calculated.

What types of insurance pension are there?

The insurance pension is provided not only to citizens on well-deserved rest, but also to other persons with valid reasons. The grounds for receiving these accruals are:

reaching retirement age;
disability group, confirmed by the conclusion of a medical commission;
loss of a breadwinner.

What are the conditions for receiving an old-age insurance pension?

Not all elderly people are entitled to receive insurance pension payments. To do this, certain conditions must be met, which include:

Age. To be able to receive a pension, a man must reach sixty years of age, and a woman must reach fifty-five.
Seniority. In the period from 2015 to 2024, this value increased from six years to fifteen - by one annually.
The value of the personal pension coefficient. Between 2015 and 2025, this number will increase from 6.6 to 30—an increase of 2.4 annually.

What is insurance experience

The amount of accrued payments directly affects the amount of indexation of the insurance part of the pension. The amount that is due to a citizen on well-deserved rest depends on several factors. One of these conditions is length of service.

The insurance period is the total value of all working periods. Other activities are included here. That is, those circumstances due to which a person temporarily did not engage in work. They are taken into account when calculating the amount of pension payments.

All the time during which contributions were received is added to the length of service. As a rule, this happens in certain situations. These include:

service in the armed forces or law enforcement agencies (police, customs, prosecutor's office, judicial authorities);
temporary inability to work due to illness;
maternity leave, but leave to care for all children should not exceed six years;
situation due to relocation or transfer by your organization to another location;
participation in work under public authority;
being under arrest due to illegal charges or repression;
caring for a disabled person with the first group of disability, a disabled child and an elderly person over eighty years of age;
the period of residence of military wives in places where it is impossible to find employment (this period should not exceed five years);
period of residence of family members of employees of diplomatic organizations abroad (only the first five years are taken into account).

The listed time is added to the length of service only if work activity was carried out before or after such a period.

What is pension indexation?

Recently, the government has controlled the insurance part of pensions. Indexation is an increase in the amount of payments that is made annually. An increase in the level of indexation is influenced by a decrease in the purchasing power of the most sensitive segment of the population.

Since there is an insurance part of the pension (the indexation of which is discussed in our article) and a social one, the method of recalculating them differs. The level of increase in the size of social benefits is influenced by the cost of living for each region. And the indexation of the insurance part of the pension depends on social charges and the profitability of the Pension Fund of the Russian Federation.

How are indices for recalculation determined?

The indexation coefficient for the insurance part of the pension is recalculated according to economic indicators, in particular, inflation rates. But at the same time, the amount of additional payments will not exceed the capabilities of the state budget. For this reason, annual recalculation is regulated by law. The process is influenced not only by the financial situation in the state, but also by the social situation. For this adjustment, the government established additional allowances in accordance with special decrees and regulations.

The indexation of the insurance part of the pension by year had different meanings, and it is quite difficult to trace its dynamics, because various factors influenced the recalculation. Until 2013, the procedure for calculating the coefficient was the same. Then the financial situation in the Russian Federation began to worsen, and the recalculation began to fully reflect the situation in the country. Thus, in 2016, citizens on well-deserved retirement received pensions at the level of the previous year. Indexation was assigned one-time, and its coefficient was four percent.

What is the dynamics of indexation accrual?

In the previous year, as already mentioned, the insurance part of the pension was recalculated only once. This was due to a reduction in the burden on the state budget. Indexation this year provides for two increases. One is scheduled for early February, the other will happen in April. This is exactly the procedure provided for by law.

Indexation of the insurance part of the pension had a different meaning each year:

in 2010 - 6.3%;
in 2011 - 8.8%
in 2012 - 10.65%;
in 2013 - 10.12%;
in 2014 - 8.31%;
in 2015 - 11.4%;
in 2016 - 4%;
in 2017 - 5.8%.

How will recalculation be made in 2017?

In order to somehow compensate for the 2016 payments, the government decided to charge a fixed amount of five thousand rubles.

The adjustment coefficient for the current year depends on the size of the pension that was formed at the end of 2016. Since the inflation index was 5.8 percent, the calculated value will be equal to 1.058.

In accordance with the index established for the current year, the average amounts of insurance pensions in Russia were:

by age - 13,620 rubles;
according to the presence of a disability group - 8,457 rubles;
for loss of a breadwinner - 8,596 rubles.

If we do not take into account fixed payments, then we can say that during this period the insurance part is not indexed, but rather adjusted.

The first adjustment, carried out on February 1, takes into account the magnitude of the increase in consumer prices over the past year. This recalculation is mandatory. The second largely depends on profitability and the government sets the coefficient in accordance with it. But indexation, carried out on April 1, may not be carried out according to the relevant decree.

In the coming three-year period, the Bank of Russia will maintain the continuity of the implemented principles of monetary policy and plans to complete the transition to an inflation targeting regime by 2015.

Within this regime, the priority goal of monetary policy is to ensure price stability, that is, maintaining consistently low rates of price growth. Monetary policy aimed at controlling inflation will help achieve broader economic goals, such as ensuring the conditions for sustainable and balanced economic growth and maintaining financial stability.

The implementation of the monetary policy of the Bank of Russia involves setting a target value for changes in the consumer price index. The main goal of the Bank of Russia's monetary policy is to reduce the growth rate of consumer prices in 2013 to 5-6%, in 2014 and 2015 - to 4-5%.

The Bank of Russia will continue to make decisions in the field of monetary policy, as a rule, on a monthly basis. It will be taken into account that the impact of policy measures on the economy is distributed over time. Decisions will be based on inflation forecasts and assessments of economic growth prospects, as well as the dynamics of inflation expectations and features of the transmission mechanism of monetary policy. Risk assessment for achieving the inflation target includes an analysis of factors both from the side of aggregate demand and supply, which have a short- and medium-term impact on inflation processes, and from the side of money supply, the dynamics of which determine the medium- and long-term trajectory of inflation.

The implementation of monetary policy will be based on the management of money market interest rates using instruments for the provision and withdrawal of liquidity. Changes in short-term market rates due to the Bank's revision

In Russia, rates on its instruments and the application of other monetary regulation measures influence through various channels of the transmission mechanism on medium- and long-term interest rates and, ultimately, on the level of business activity and inflationary pressure in the economy. Thus, interest rate policy will play a key role in the process of implementing monetary policy.

Thanks to the implementation by the Bank of Russia in recent years of a set of measures aimed at improving the system of instruments, as well as increasing the flexibility of the ruble exchange rate, greater controllability of money market interest rates has been achieved. In the medium term, an important strategic task will be to build a more effective transmission mechanism for monetary policy, as well as increase confidence in the Bank of Russia as the body responsible for price stability, which will create the basis for better managing the inflation expectations of economic entities.

In order to further increase the effectiveness of interest rate policy, in the coming three-year period the Bank of Russia will continue to gradually increase the flexibility of the exchange rate setting mechanism and by 2015 plans to make a transition to a floating exchange rate, abandoning the use of operational exchange rate policy guidelines related to the exchange rate level. Accordingly, under this regime, regular foreign exchange interventions aimed at influencing the dynamics of the ruble exchange rate will be stopped.

One of the main tasks of the Bank of Russia in the medium term will remain to ensure financial stability. The banking system is the main link in transmitting interest rate policy signals to the real sector of the economy. Thus, financial stability is a necessary condition for the normal functioning of the transmission mechanism of monetary policy. At the same time, not only the fulfillment of the main goal of monetary policy to maintain price stability, but also the state of general macroeconomic equilibrium depends on the degree of stability and efficiency of the financial intermediation system. The Bank of Russia will continue to improve monitoring tools for the financial intermediation system (including constant analysis of price movements in asset markets, trends in the dynamics of monetary aggregates and credit activity), so that if a threat to financial stability arises, it will be able to quickly take appropriate measures in the field of monetary policy and banking regulation and supervision.

In order to maintain financial stability, it is planned to pay increased attention to the timely identification and assessment of systemic risks in the banking sector and in other segments of the financial markets, and ensuring transparency in the activities of credit institutions. One of the main tools for achieving these tasks will be the development of risk-based approaches to supervision, based on the best foreign practices. The use of a differentiated supervisory regime for individual credit institutions will continue depending on their systemic importance, level of transparency, business complexity and degree of compliance with regulatory standards. In relation to systemically important banks, taking into account international experience and the characteristics of the national economy, additional regulatory and control mechanisms will be applied.

The achieved conditions for Russia's accession to the World Trade Organization (WTO) will make it possible to maintain the existing conditions of competition in the banking sector and create additional mechanisms of trust in the equality of regulatory conditions for the activities of Russian banks, regardless of the source of capital.

The success of the implementation of the monetary policy strategy will largely be determined by the effectiveness of solving problems of developing the infrastructure of financial markets and expanding their capacity. One of the important areas of the Bank of Russia’s activities will continue to be promoting the development of the derivatives market, which provides economic entities with the opportunity to hedge exchange rate and interest rate risks, simultaneously with the formation of modern mechanisms for regulating and supervising the risks of credit institutions in these segments of the financial market.

The Bank of Russia will also continue to pay attention to improving the Russian national payment system, the effective operation of which, including in interaction with foreign payment systems, is a necessary condition for increasing the effectiveness of monetary regulation measures and the development of the domestic financial market.

Coordination of efforts between the Bank of Russia and the Government of the Russian Federation is important from the point of view of the success of the implementation of a unified state monetary policy. The high degree of influence of regulated prices and tariffs on the growth rate of consumer prices makes it advisable to make decisions on their indexation taking into account inflation targets. The effectiveness of monetary policy also largely depends on the state of government finances. Consistent implementation of fiscal policy aimed at gradually reducing the non-oil and gas budget deficit and ensuring long-term balance and sustainability of the fiscal system will make a positive contribution to maintaining financial and overall macroeconomic stability, thereby creating favorable conditions for economic growth and achieving monetary policy goals .

The Bank of Russia will continue to expand the practice of regularly explaining to the general public the goals and content of monetary policy and providing assessments of the macroeconomic situation that served as the basis for its decisions. The development of information interaction between the Bank of Russia and society will help improve the management of inflation expectations and create the foundation for ensuring the confidence of economic agents in the Bank of Russia and its monetary policy.

What should you know about mediation?
The practice of application by courts of the Law on an alternative dispute resolution procedure with the participation of a mediator (mediation procedure) for the period from 2013 to 2014 is reported. In particular, attention is drawn to the following.
As of the fourth quarter of 2014, organizations have been created in more than 60 regions that carry out activities to ensure the implementation of the mediation procedure. These are predominantly non-profit partnerships, autonomous non-profit organizations, LLCs. Also, this activity is carried out by some territorial chambers of the Chamber of Commerce and Industry of the Russian Federation, regional representative offices of the Russian Union of Industrialists and Entrepreneurs and departments of universities.
It must be taken into account that the court does not have the right to approve the settlement agreement in part, change or exclude from it any conditions agreed upon by the parties. At the same time, he may invite the parties to exclude from the settlement agreement certain conditions that are contrary to the law or that violate the rights and legitimate interests of other persons. At the same time, the Code of Civil Procedure of the Russian Federation and the Arbitration Procedure Code of the Russian Federation do not limit the right of the parties to enter into a settlement agreement after the adoption of a court decision or judicial act and before the initiation of proceedings in a higher instance or enforcement proceedings.
In practice, it happens that conciliation procedures are used to abuse procedural rights and delay the trial. Thus, the party requests to postpone the preliminary hearing or trial, citing mediation or seeking assistance from the court or mediator in order to resolve the dispute. And then she refuses or avoids participating in the conciliation procedure. In such cases, the court has the right to attribute all legal costs in the case to such party if it recognizes the reasons for such refusal or evasion as disrespectful, aimed solely at delaying the trial.
It should be remembered that the costs of paying for the services of a mediator or an organization carrying out activities to ensure the conduct of the mediation procedure are not considered legal costs.
Persons participating in the case have the right to familiarize themselves with its materials. A mediator is not one of these persons. If a mediator is present at a court hearing, the court does not perform any procedural actions in relation to him, which, in accordance with the Code of Civil Procedure of the Russian Federation and the Arbitration Procedure Code of the Russian Federation, are carried out in relation to persons participating in the case. For example, establishing his identity, explaining any rights, indicating the appearance of the mediator in the minutes of the court session.