In 2016, the Bank of Russia implemented a conservative monetary policy aimed at mitigating inflation. Commercial banks decreased their demand for central bank refinancing as the Reserve Fund was spent, in which case the central bank had to employ a set of instruments to prevent an increase in...

In 2019, a sharp and largely unexpected slowdown in inflation led to a significant easing of monetary policy. Over the course of that year, the Bank of Russia reduced its key rate five times: four times by 0.25 percentage points on June 14, July 26, September 6, and December 13; and by 0.5...

This paper deals with Russia's monetary policy in 2014. The key developments in Russia's monetary policy in 2014 were determined by adverse processes in the Russian economy, which related to the tense geopolitical situation, massive capital outflow and the decline in the price of energy resources

The Bank of Russia's decision to reduce the key rate by 0.50 pp to 6.5% was caused by an inflation slowdown to 3.8% in October 2019 relative to October 2018, with a high probability of its continuing downward movement. In this connection, the Bank of Russia has revised its inflation projections...

Based on the results of 2020, amid crisis conditions the inflation rate sped up to 4.9%, an increase of 0.9 p.p. over the Russian Central Bank’s inflation target. In H1 2020, on the back of a large-scale reduction in consumer demand the inflation rate was below the target. In H2,...

In late February 2022, the EU countries and the USA put in place sanctions against the Bank of Russia, which imply freezing of international reserve assets. As a result, about 50% of the reserves ($300 bn of the $630 bn available as of February 1, 2022) were affected by the sanctions.Countries...

In 2020, the world economy was faced with a large-scale crisis caused by the coronavirus pandemic, a worsening situation in the global oil market, increasing global uncertainty, and capital outflows from emerging markets. The crisis phenomena were experienced, to a varying degree, by every...

This paper deals with Russia's monetary policy in 2013

The Bank of Russia decided in June to keep the key interest rate unchanged because of worsening geopolitical uncertainty, capital outflows from developing countries as a consequence of tighter US Fed's monetary policy, plans to raise the VAT rate, as well as prices adjustment to a weaker rouble....

The Bank of Russia eased at slow enough pace its monetary policy in 2017 despite substantial deceleration in inflation, holding that ongoing inflation risks were high, including a possible decline in crude oil prices and capital outflow, upturn in consumer demand, fiscal policy uncertainty, as...