However, first one must remember that changes in the repo rate have an effect one to two years ahead. Secondly, there is no antagonism between growth and price stability in the long term; it is potential growth that sets the limits for how fast the economy can grow. Stable prices actually create the best conditions for sustainable growth. The Riksbank cannot affect potential growth. Other operators can do this - trade and industry primarily through investments and the government and parliament, which decide over the regulatory system, education and the infrastructure, etc. This is probably the most important contribution to both good growth and stable prices. Thank you! 8  BIS Review 25/2002
In December-January, we reduced rates on these instruments, introduced new types of operations, and increased the frequency and allotment amount of foreign currency provision. In late 2014, the allotment amount of foreign exchange liquidity provision was about 20 billion US dollars and currently exceeds 30 billion US dollars. In January 2015, despite persistently low oil prices, complicated geopolitical situation, and Russia’s downgraded sovereign rating, the exchange rate volatility decreased and inflation expectations showed the first signs of stabilisation. This means that the result we expected when raising the key rate has been largely achieved. At the same time, the leading indicators started to show the beginning of considerable fall in aggregated demand and cyclical economic slowdown. Therefore, as opposed to 2014, the economic situation in 2015 started to exercise additional anti-inflationary pressure. This enabled the Bank of Russia to reduce the interest rates from 17% to 15 %. The consequently published data for January 2015 confirmed out estimates. In January 2015, the economic activity started to slow down. Temporary surge in consumer demand in December 2014 changed into a drop. Decline in investments intensified. Both consumer and producer sentiments deteriorated. Inflation accelerated sharply, but this dynamics is largely explained by the accelerated pass-through effect of the exchange rate on prices. Therefore, monthly inflation started to decline in February. We base our monetary policy decisions not only on the information about existing economic trends, but primarily on the forecasts of economic situation. Detailed and revised forecast will be published tonight as part of the Monetary Policy Report.