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Bank of Russia’s Monetary Policy Review

In 2021, the Bank of Russia started a comprehensive analysis of its monetary policy over the period of inflation targeting (IT) — the Monetary Policy Review (MPR) project. Following the review, the regulator will make a decision on whether the monetary policy parameters should be maintained or adjusted for a medium-term horizon.

The MPR project was launched to carry out a comprehensive analysis of the conditions of monetary policy implementation, the results achieved over the IT period, and the extent to which these results conform to the main goal of monetary policy stipulated by law, which is to protect the ruble and ensure its strength through maintaining price stability, including to create conditions promoting balanced and sustainable economic growth. The Bank of Russia is totally committed to the law-enforced price stability mandate and the inflation targeting strategy.

The consultation paper sums up the main results of the studies completed by the Bank of Russia specialists and the recommendations based on these results. The regulator expects to obtain opinions from experts, businesses, households, and government authorities on the range of issues outlined in the paper in the course of a further public discussion of the MPR results.

The Bank of Russia published the working papers and analytical notes on the six work streams of the MPR project:

  • Work stream 1. Inflation target format.
  • Work stream 2. The operational framework of monetary policy.
  • Work stream 3. Retrospective assessment of the effectiveness of monetary policy.
  • Work stream 4. Communication as a monetary policy instrument.
  • Work stream 5. Monetary policy and financial stability.
  • Work stream 6. New challenges to monetary policy.

Public consultations

Communication transparency is crucial to promote public confidence in monetary policy and, accordingly, to implement it effectively. Therefore, the Bank of Russia believes it essential to carry out a public discussion of the issues studied in the course of the work within the MPR project. Feedback on the findings of the paper can be sent to odkp@cbr.ru.

Meetings with experts

At the meetings held in Moscow in March and April 2023, the Bank of Russia discussed the preliminary results of the studies on all MPR work streams with analysts and experts. The meetings were attended by several dozens of representatives of banks, other professionals in the securities market, research institutes, and universities. The experts of the Bank of Russia presented their analytical notes and research reports.

Public consultations in Russian regions

In May—June 2023, the Bank of Russia conducted consultations with representatives of public organisations, businesses, the academic community, and government authorities in all Russian regions. Public consultations were held offline and hosted by the Main Branches of the Bank of Russia in Moscow, Nizhny Novgorod, Saint Petersburg, Krasnodar, Yekaterinburg, Novosibirsk, and Vladivostok. The regions within the Main Branches took part in the meetings online. An open dialogue provided a more thorough understanding of the society’s perception of inflation and the Bank of Russia’s monetary policy.

Discussion at the Bank of Russia’s Financial Congress

The results of the studies within the MPR project were also presented at the Bank of Russia’s Financial Congress that was  held in Saint Petersburg on 6–7 July 2023. The programme of the Congress included three sessions. Participants discussed how successfully the inflation targeting strategy has helped ensure price stability and create conditions for economic development. One of the sessions addressed the question of how the Bank of Russia’s communication promotes confidence in monetary policy. Another topic of discussion was the interconnection between monetary policy and financial stability at normal times and during periods of significant shocks.

The issues of the MPR project were also one of the topics within the one-day course of lectures of the IV Summer Macroeconomic School for students and professors on 4 July 2023 before the Bank of Russia’s Financial Congress.

Summing up the MPR results

The Bank of Russia will take into account and include the results of the studies and public consultations in its Monetary Policy Guidelines for 2024–2026.


Department responsible for publication: Monetary Policy Department
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Last updated on: 21.08.2023