Bank of Russia to complete its Monetary Policy Review in 2023 and update the plan of analytical work and events

In mid-2021, the Bank of Russia initiated an analysis of its monetary policy over the inflation targeting period. The objective of the MPR is to comprehensively assess the first results of inflation targeting in Russia and the extent to which the current monetary policy parameters conform to the changing environment. Last October, the Bank of Russia published a detailed plan of analytical work and events as part of the MPR, with the intention of presenting the results by mid-2022.

The drastic change in the external environment for the Russian economy in early 2022, associated with the tightening of external trade and financial restrictions and accompanied by the introduction of capital controls, has had a fundamental impact on the conditions of monetary policy implementation. As a result, the MPR cannot be carried out in a thorough manner without taking into account and additionally reflecting on the new reality for the Russian economy. With this in mind, the Bank of Russia has extended the completion timeline for the MPR to mid-2023.