In 2022, the Russian economy experienced a profound negative shock associated with the imposition of sanctions against Russia by a number of developed countries, including the freeze of the Bank of Russia’s international reserve assets, Russian banks being cut out of international payment...

Russia's central bank adopted a new monetary policy regime in 2018 by raising the key interest rate for the first time since December 2014. After slashing the key interest rate on February 9th and on March 23rd by 0.25 percentage points to 7.5 and 7.25 percent per annum, respectively, the...

Russia's positive balance of trade increased in 2017, ensuring a steady BoP position. The private sector saw capital outflow in 2017, mostly because Russian banks had trimmed foreign-exchange liabilities. The rouble appreciated on the back of stable balance of payments

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...

In March – the first decade of May 2020, amidst the acute phase of the epidemiological crisis the banking sector's need in liquid funds increased considerably. It was justified by growth in the money supply volume, credit institutions' correspondent account balances, as well as commercial...

The first quarter of 2020 saw the positive Russia's balance of trade to plunge on the back of contraction of exports value amid plummeting crude oil prices with stabilized imports volumes. Due to the decline in foreign liabilities and growth of assets in foreign banks and enterprises, net...

In 2018, Russia posted the highest on record positive current account balance since 1992, 2.5 times the amount recorded in 2017, due to increase in fuel and energy exports on the back of improved terms of trade and stagnant imports led by a weakening rouble. At the same time, the private sector...

The Russian current account balance rose in Q2 2018 year-on-year on the back of, among other things, rising positive balance of trade. Non-residents reduced their holdings of OFZ bonds over downbeat geopolitical expectations. Some extra growth in the current account balance can be expected in...

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...