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economy. “…In its key rate Given the current monetary policy stance, annual inflation will return to 4% in 2021. decision-making, the Key rate, % per annum

Index (CPI)’). Bank of Russia key rate The principal instrument of the Bank of Russia’s monetary policy. The key rate is set by the

we considered and weighted multidirectional options of the key rate decision. Second, in addition to the key rate decision, we adopted a whole range of

the key rate at 6.00% p.a. On 20 March 2020, the Bank of Russia Board of Directors decided to keep the key rate

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maintain the conditions for interbank lending rates to form close to the key rate, the Bank of Russia will hold a fine-tuning deposit auction in

The spread between interbank lending (IBL) rates and the Bank of Russia key rate narrowed due to, among other things, the absence of significant liquidity

prevention measures from the funds constituting The Bank of Russia key rate (hereinafter, the key rate) is the Banking Sector Consolidation Fund, as well as

structure significantly, which has also affected the key components of GDP by end use in 2019. The key factor behind growth slowdown in 2019 was

and a decrease in deposit interest rates, according to the Review of Key Indicators of Professional Securities Market Participants. Banks’ policy was also an important