The Bank of Russia Board of Directors decided on 31 July 2015 to further cut the base rate to 11.0% p.a., or by 0.5 p.p., because risk balances had shifted towards economic downturn. Consumer prices in July 2015 increased 0.8% (0.5% in July 2014), showing a growth of 0.6 p.p. compared to the...

Both stabilized inflation and ruble exchange rate allowed the Bank of Russia Board of Directors to further cut the key interest rate to 11.50% p.a. on 15 June 2015. The cut was triggered by the fact that Russia's economy was still facing serious downside risks amid lower risks of inflation....

The Bank of Russia on 11 December 2015 decided to keep the base interest rate unchanged at 11%, thus indicating that the bank will not move forward with easing monetary policy. Russia's Central Bank on 14 December resumed 12-month foreign exchange repo auctions with a view to pushing down demand...

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, the significant inflation slowdown translated into a notable monetary policy easing. Over the course of the year, the Bank of Russia reduced its key rate 5 times (from 7.75 to 6.25% per annum), as a result of which, according to the Bank of Russia, it now stands near neutral level. Our...

In 2019, Russia's trade surplus shrank significantly as result of a declining value volume of exports which, in its turn, was pushed down by sliding prices of oil and increasing imports. Meanwhile, net capital outflow that had been observed in 2018 gave way to net capital inflow, to the value of...

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 Q1 2017, the current account surplus increased significantly due to rising exports alongside a slower growth in imports. Growth of the positive current account balance was the main factor behind the ruble's strengthening. At the same time, net capital outflow from the private sector also...

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...

Russian Abstract: Данная работа посвящена изучению информационных аспектов денежно-кредитной политики и анализу влияния информационных сигналов центральных банков на...