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

11/11/2019 Terms of Main Deposit Auction
11/11/2019 Terms and Conditions of lending standing facilities
11/11/2019 Terms and conditions of the Bank of Russia standing deposit facilities
08/11/2019 Most segments of Russian financial market demonstrate price growth in October
05/11/2019 Inflation expectations and consumer sentiment
30/10/2019 "Economy" No. 8 • August 2019
29/10/2019 Schedule of the Bank of Russia Board of Directors’ monetary policy meetings in 2020 updated
29/10/2019 Calendar 2020
29/10/2019 Business price expectations continued to decline in October
25/10/2019 Bumper harvest contributes to Q3 economic growth hike
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