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data sample in Russia. On average, more than 14,000 enterprises of key types of economic activity took part in the surveys every month in

of the neutral key rate to 6.0–7.0%. In other words, all else being equal, we need a higher key rate to be

prospects for productivity growth play an important role in this regard. A key issue is to understand the changes in the transmission of monetary policy

will continue to adjust to the recent key rate decisions. In addition to external sanctions on imports, the key supply-side constraint on the Russian economy

Bank of Russia’s medium-term forecast following the Bank of Russia Board of Directors’ key rate meeting on 27 October 2023 Key forecast parameters of

in gains from foreign currency revaluation and higher funding costs after the key rate increase. More details are available in the information and analytical material

Corp. Retail Corp. Retail Avg RW and CAR Oil price and FX Key rate and CPI 90 100 90 110 100 16 20 14 80

1 rates and yields in the key market segments, Through any of these channels, higher influencing each other (the key rate has a direct market

made for them. Accrued interest receivable/ The Bank of Russia key rate (hereinafter, the key rate) is an payable is included in related type of

benchmark The Bank of Russia key rate remained unchanged throughout 2023 H1. As before, RUONIA values stayed below the key rate during this period, demonstrating