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

22/01/2019 Terms and Conditions of lending standing facilities
22/01/2019 Publishing of terms of «1 week» deposit auction, conducted by Bank of Russia
22/01/2019 Terms and conditions of the Bank of Russia standing deposit facilities
16/01/2019 Banking sector liquidity and financial markets No. 33 • November 2018
10/01/2019 Inflation expectations and consumer sentiment / December 2018
29/12/2018 Economy remains patchy in November 2018
29/12/2018 Publishing of terms of «fine tuning» operation on an auction basis, conducted by Bank of Russia
28/12/2018 Bank of Russia to start publishing data on price expectations of businesses
28/12/2018 The VAT rise affects inflation expectations in December
28/12/2018 Calendar of key monetary policy events for 2019 updated
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