Draft Monetary Policy Guidelines for 2020–2022 published

The Bank of Russia has published the draft Monetary Policy Guidelines for 2020–2022. In compliance with legislation, the Bank of Russia annually submits this document to Russia's President and Government and then proposes it for consideration to the State Duma.

The Bank of Russia’s monetary policy is aimed at maintaining price stability in the Russian economy. Keeping inflation sustainably low is essential for public welfare, a favourable business environment, higher availability of long-term financial resources and confidence in the national currency.

The Monetary Policy Guidelines for 2020–2022 are the Bank of Russia’s strategic document where the regulator stipulates the goals, key principles and approaches to the implementation of monetary policy and describes mid-term macroeconomic forecast scenarios.

This document also includes annexes and text boxes on the issues where the Bank of Russia’s opinion or reference information are currently of special interest. These comprise more detailed information on the transmission mechanism, an overview of the world experience of monetary policy, text boxes on the neutral rate, assessment of the impact of exchange rate fluctuations on inflation and the approaches to utilizing financial resources of the National Wealth Fund.

9 September 2019

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