In June, the Russian Central Bank, for the first time since summer 2015, decided to reduce the key interest rate by 0.5 percentage points, to 10.5%. The decline in inflation expectations, further slowdown in inflation and stabilization of the external environment, together with the...

The Bank of Russia Board of Directors meeting on 18 September 2020 left the key rate unchanged at 4.25% per annum thus putting on hold monetary policy easing taking place from the outbreak of the coronavirus pandemic. This decision was due to the effect of short-term proinflationary risks...

In Russia, the pre-conditions for a successful transition to inflation targeting are beginning to emerge. The economy remains highly dependent upon the external economic conjuncture, but the financial crisis made for a steep increase in the demand of commercial banks for refinancing by the CBR....

The article provides estimates of short-run and medium-run exchange rate pass-through into domestic prices in Russia during the period of 2000-2012 using vector error correction model. Exchange rate pass-through asymmetry estimates, its assessments on different sub-periods and exchange rate...

Russian Abstract: Ключевая ставка ЦБ РФ увеличена на 1 п.п. – до 8,5% годовых. Она достигла максимального значения с 2017 г. Это обусловлено ускорением инфляции вследствие...

Russian Abstract: Ключевая ставка ЦБ РФ 11 февраля 2022 г. была увеличена на 1 п.п. – до 9,5% годовых. Это максимальное значение с мая 2017 г. Решение обусловлено продолжающимся...

Russian Abstract: На сентябрьском заседании Совета директоров ЦБ РФ принял решение об ужесточении денежно-кредитной политики. Ключевая ставка была увеличена на 0,25 п.п....

In 2020, Russia’s export balance of trade plunged against 2019 on the back of decrease in exports value amid slight decline in imports. Current account balance remained positive in spite of a blend of most adverse factors. In 2020, net outflow of private capital doubled compared to 2019....

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,...