Bank of Russia begins new review of monetary policy
The Bank of Russia has published a plan of analytical work and events to be carried out as part of the new Monetary Policy Review (MPR 2028). The regulator summed up the results of the first MPR in 2023.
The objective of this review is to assess the effectiveness of monetary policy taking into account the evolution of macroeconomic conditions. The Bank of Russia plans to carry out analytical work and public discussions in 2026–2027 and summarise MPR findings by mid-2028.
The analysis will comprise six work streams, specifically ‘Inflation target format’, ‘Operational framework of monetary policy’, ‘Retrospective assessment of the effectiveness of monetary policy’, ‘Communication as a monetary policy instrument’, ‘Interaction of monetary policy and other economic policies’, and ‘Long-term trends and monetary policy’.
The Bank of Russia encourages leading experts, researchers, and analysts to join the analysis of monetary policy within these work streams. In the middle of 2027, the regulator plans a scientific conference to discuss the results of studies conducted by both Bank of Russia specialists and external experts.
In the course of MPR 2028, the Bank of Russia will carry out meetings with representatives of businesses, public organisations, government authorities and the academic and expert community, professional financial market participants, and citizens. The regulator will take into account the results of these discussions when summing up the findings of MPR 2028.