credit policy of the bank

The Central Council sets the monetary and credit policies of the Bank, including money supply, and discount and lending rates.

Although there is a 'reserve ratio' and a 'liquidity ratio', these are mere formalities which have no practical bearing on the credit policies of the banks, whose credit targets are determined by the federal government.

Government officials have estimated that the credit policies of the bank under Viktor Gerashchenko, its acting chairman, have already pushed the Government close to its self-imposed 1992 credit ceiling of 750 billion rubles.