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This commentary was prepared by the Monetary Policy Department.
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domrfbank.ru, CREDIT BANK OF MOSCOW (1978) – mkb.ru, TBank (2673) – www.tbank.ru, Promsvyazbank PJSC (3251) – psbank.ru, PJSC Sovcombank (963) – sovcombank.ru. The
ru
Ирина Козловцева
Банк России, Департамент исследований и прогнозирования
E-mail: kozlovtsevaid@cbr.ru
Вера Панкова
Центр макроэкономического анализа и краткосрочного прогнозирования
E-mail: vpankova@forecast.ru
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23.01.2026
hotline (8 800 200-08-05) and on its website (https://www.asv.org.ru/).
1 According to the financial statements as of 1 January 2026.
2
Service for Hydrometeorology and
Environmental Monitoring (Roshydromet), Moscow, 2019 URL: https://meteoinfo.ru/hazards-definitions.
21 For an example of factors that reduce climate risks, see
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at the target.
Please send your comments and suggestions to odkp@cbr.ru.
Important
19.01.2026
Summary of the Key Rate Discussion
19.12.
Ovechkin
Bank of Russia, Ural Main Branch, Tyumen Division
E-mail: OvechkinDV@cbr.ru
The author acknowledges the participants of the internal research project "Nonlinearities in
Sergey Ivashchenko
Bank of Russia, The North-Western Main Branch
Email: sergey.ivashchenko.ru@gmail.com
Bank of Russia Working Paper Series is anonymously refereed by