Summary of the Key Rate Discussion released
The publication covers the main aspects of the discussion about the economic situation and inflation, monetary and external conditions, and alternatives to the key rate decision.
In the course of the deliberations, the participants considered the arguments for both keeping the key rate unchanged and raising it. A special focus during the discussion was the assessment of the tightness of monetary conditions and its sufficiency for reducing inflation and stabilising it at the target.
The discussants made the decision to toughen the Bank of Russia’s signal regarding its future steps by assuming a longer period of tight monetary conditions to be maintained in the economy.
Simultaneously, the Bank of Russia has released the Commentary on the Medium-term Forecast detailing the parameters of the Bank of Russia’s macroeconomic forecast published following the Board of Directors’ key rate meeting on 26 April 2024.