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...

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...

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...

In September, the Central Bank of Russia’s Board of Directors took a decision to tighten monetary policy. The key interest rate was raised by 0.25 p.p. to 6.75% per annum, the maximum value since December 2019. Such an increase was substantiated by intensified inflationary pressures on 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...