Draft Monetary Policy Guidelines for 2027–2029 published
The Bank of Russia’s guidelines explain the goal and main principles of its monetary policy. In addition to the baseline scenario released in July, the document also describes three alternative scenarios of economic development for the next three years, namely disinflationary, proinflationary, and risk scenarios.
The scenarios differ in terms of the assumptions regarding internal and external conditions. When preparing these scenarios, the Bank of Russia takes into account both existing trends and possible risks, which enables the regulator to be prepared for different developments.
Whatever the scenario, the Bank of Russia’s monetary policy will be aimed at returning inflation to 4%. To achieve this, the Bank of Russia will implement appropriate measures depending on the current situation in the economy, price dynamics, and the environment in financial markets.