Monetary Policy

Monetary policy constitutes an integral part of the state policy and is aimed at enhancing wellbeing of Russian citizens. The Bank of Russia implements monetary policy in the framework of inflation targeting regime, and sees price stability, albeit sustainably low inflation, as its priority. Given structural peculiarities of the Russian economy, the target is to reduce inflation to 4% by 2017 and maintain it within that range in the medium run.

The monetary policy affects the economy through interest rates, its main parameter being the Bank of Russia key rate. Taking into account the pass-through effect of the monetary policy on the economy, central bank decisions are based on the economic outlook and assessment of risks to achieve the inflation target over the mid-term horizon, and also on possible threats to sustainable economic growth and financial stability.

The Bank of Russia maintains energetic communication policy, clarifying the motives and expected outcome of its monetary policy decisions, as public awareness of these efforts may enhance their effectiveness.

What's New

20/09/2019 Terms and Conditions of lending standing facilities
20/09/2019 Terms and conditions of the Bank of Russia standing deposit facilities
17/09/2019 Publishing of terms of «1 week» deposit auction, conducted by Bank of Russia
16/09/2019 Consumer price dynamics
13/09/2019 Banking sector liquidity and financial markets
12/09/2019 Bank of Russia coupon bonds placed
12/09/2019 Inflation slows to 4.3% in August on the back of fruit and vegetable price movements
10/09/2019 Growth of structural liquidity surplus in August
09/09/2019 Draft Monetary Policy Guidelines for 2020–2022 published
06/09/2019 Statement by Bank of Russia Governor Elvira Nabiullina in follow-up to Board of Directors meeting 6 September 2019
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