Draft Monetary Policy Guidelines for 2026–2028 published
The Bank of Russia’s draft document stipulates the goal and main principles of its monetary policy and presents three alternative scenarios of economic development for the next three years, namely a disinflationary, proinflationary, and risk scenario, in addition to the baseline scenario published in July.
The scenarios are based on different assumptions relating to both external and internal factors. They incorporate both current trends and possible risks, allowing the Bank of Russia to be prepared for alternative courses of events.
Whatever the scenario, monetary policy will be aimed at returning annual inflation to 4%. To this end, the Bank of Russia will implement appropriate measures depending on the situation in the economy, price dynamics, and the environment in financial markets.
The draft contains appendices and boxes, including on the interaction of monetary and fiscal policies, changes in the banking regulation in