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...

On March 24, the Bank of Russia decided to reduce its key rate by 0.25 percentage point to 9.75%. The Bank of Russia's intention to continue its moderately rigid monetary policy, in spite of the significant slowdown in real inflation, can be explained by the inertia of inflation expectations, as...

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...

At its June meeting, for the first time this year, the Bank of Russia Board of Directors decided to cut the key rate by 0.25 pp. to 7.5% per annum. Such a decision was motivated by the plunge of annual inflation in April-May 2019 to 5.1%, coupled with weakening inflation risks. The inflation...

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

On 30 April 2015, the Bank of Russia reduced the key interest rate from 14% to 12.5% per annum, noting in this connection that the inflation risks had become less pronounced, but that the risks of a more significant cooling of the economy were still there. By all indications, the RF Central Bank...

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's Board of Directors decided in April to keep the key interest rate unchanged on the heels of new sanctions on Russia that affected seriously the Russian rouble. The exchange rate pass-through to prices can guide, sooner than it was expected, inflation closer to its 4% target...

At its Board of Directors meeting in June, the Bank of Russia raised the key rate for the third time since the beginning of the year, by 0.5 p.p. to 5.5% per annum. This decision was caused by an accelerated inflation triggered by reviving demand as the containment measures were being lifted,...

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,...