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4801
26.03.2026
Monetary policy goals and principles
The primary objective of the Bank of Russia’s monetary policy is to protect and ensure stability of the ruble
4802
24.03.2026
resilience and role in economic development, the capital market, and the digital ruble. I should say that these questions are in line with our priority
4803
24.03.2026
of the monitoring of the maximum interest rates on deposits1 in Russian rubles of the top 10 credit institutions,2 attracting the largest amount of
2 rubles 19 200 rubles
01 1 копейка 11 3 рубля 20 1 000 рублей 01 1 kopeck 11 3 rubles 20 1 000 rubles
2 rubles 19 200 rubles
01 1 копейка 11 3 рубля 20 1 000 рублей 01 1 kopeck 11 3 rubles 20 1 000 rubles
4806
23.03.2026
on the back of a recovery in corporate lending, driven mainly by ruble loans to non-financial organisations. Contrastingly, retail lending paused in February.
The movement
exchange rate movements do not seem to have materially affected prices,
although ruble appreciation continued. The median of growth in consumer basket components
sensitive to
depreciation of the ruble; ‘-’ – appreciation of the ruble.
Sources: Moscow Exchange, Bank of Russia calculations.
The real effective exchange rate of the ruble (REER), calculated
4809
20.03.2026
still believe that the ruble’s exchange rate is driven by underlying factors? Do you not think that the weaker ruble has mostly come as