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How we communicate our decisions

Economic agents’ expectations have a considerable impact on the economy in general and on inflation in particular. Therefore, the Bank of Russia provides detailed explanations regarding inflation movements and the reasons behind them, as well as how the regulator influences this process. Information transparency is crucial to enhance the understanding of and confidence in the Bank of Russia’s policy, as well as to make its actions more predictable for economic agents. This contributes to the efficiency of monetary policy.

Economic agents’ expectations have a considerable impact on the economy in general and on inflation in particular. Therefore, the Bank of Russia provides detailed explanations regarding inflation movements and the reasons behind them, as well as how the regulator influences this process. Information transparency is crucial to enhance the understanding of and confidence in the Bank of Russia’s policy, as well as to make its actions more predictable for economic agents. This contributes to the efficiency of monetary policy.

The Bank of Russia seeks to promptly and to the fullest extent possible communicate information on monetary policy, the reasons for and expected results of its decisions, as well as the assessment of the current economic situation and its forecast development.

The Bank of Russia pursues its information policy taking into account the specifics of the target audiences, that is, it presents the information in such a manner as to make it clear and helpful to users. This implies that the content, form and communication channels of this information are customised to various categories of users, their interests and requirements.

The principal channels and instruments of information policy related to monetary policy issues are the Bank of Russia website, publications by the Bank of Russia (namely, Monetary Policy Report, Monetary Policy Guidelines, Bank of Russia Annual Report, press releases on the key rate), and public statements by the Bank of Russia’s senior executives (including regular press conferences by the Bank of Russia Governor following the meetings of the Bank of Russia Board of Directors, and statements by the Bank of Russia Governor at the State Duma). In addition, representatives of the Bank of Russia carry out regular meetings with representatives of state authorities, journalists, analysts and investors, give interviews to mass media, as well as speak at conferences, fora and congresses. The Bank of Russia publishes the information in a simpler and easier-to-understand form on the social networks VK, YouTube, Facebook and Twitter, as well as on the website Financial Culture.

The Bank of Russia’s specialists carry out regular events in the regions: they hold meetings with representatives of businesses and local authorities, deliver lectures at universities and schools, and give interviews to local newspapers and TV channels. This helps expand the circle of contacts of the Bank of Russia’s representatives and helps them receive useful feedback, thus increasing the outreach and enhancing the efficiency of information policy.

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Last updated on: 20/03/2020