Monetary Policy

Monetary policy constitutes an integral part of the state policy and is aimed at enhancing wellbeing of Russian citizens. The Bank of Russia implements monetary policy in the framework of inflation targeting regime, and sees price stability, albeit sustainably low inflation, as its priority. Given structural peculiarities of the Russian economy, the target is to reduce inflation to 4% by 2017 and maintain it within that range in the medium run.

The monetary policy affects the economy through interest rates, its main parameter being the Bank of Russia key rate. Taking into account the pass-through effect of the monetary policy on the economy, central bank decisions are based on the economic outlook and assessment of risks to achieve the inflation target over the mid-term horizon, and also on possible threats to sustainable economic growth and financial stability.

The Bank of Russia maintains energetic communication policy, clarifying the motives and expected outcome of its monetary policy decisions, as public awareness of these efforts may enhance their effectiveness.

What's New

16/02/2018 Indices of changes in bank lending conditions and demand for loans based on a quarterly survey of the largest Russian banks
16/02/2018 Terms and Conditions of Fixed-Rate Deposit Operations
16/02/2018 Terms and Conditions of Fixed-Rate Secured Loan Operations
16/02/2018 Provision of secured loans through extended functionality of electronic document flow under Bank of Russia operations
13/02/2018 Publishing of terms of «1 week» deposit auction, conducted by Bank of Russia
09/02/2018 On interest rates on the Bank of Russia specialised refinancing instruments
09/02/2018 The Bank of Russia decides to cut the key rate by 25 bp to 7.50% p.a.
06/02/2018 Publishing of terms of «fine tuning» operation on an auction basis, conducted by Bank of Russia
27/12/2017 On placement of Bank of Russia coupon bonds
22/12/2017 On aggregate limits on Bank of Russia forex operations
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