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tight monetary policy should be maintained for an extended period to bring inflation
down to 4%. The year 2025 has demonstrated that this policy stance
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The economy continued to grow at a moderate pace in 2025. Monetary policy helped temper inflation, while enabling businesses to develop and manufacture necessary goods.
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rising uncertainty.
Fiscal policy is another important factor having a notable impact on room for cutting the key rate. Changes in fiscal policy parameters relative
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announced parameters of fiscal policy. On the mid-term horizon, fiscal policy will help slow down inflation. Changes in the fiscal policy parameters may require an
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dates forms the history of revisions of macroeconomic indicators.
In implementing its policy, the Bank of Russia analyses a wide range of macroeconomic data. However,
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facilities
Interest Rates on Loans under the Irrevocable Lines
Interest rates on the Bank of Russia suspended operations
Department responsible for publication: Monetary Policy Department
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2018 No. 30 • August 2018 No. 29 • July 2018
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Monetary Policy
2
10.01.2022
Foreign Exchange and Gold Asset Management Report
2022
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Other оperations
In the domestic market, the Bank of Russia can conduct financial operations for purposes other than monetary policy objectives.
The Supplementary mechanism of
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objective of monetary policy is to keep interbank lending rates close to the key rate. This operational objective is achieved through monetary policy instruments employed
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announced parameters of fiscal policy. On the mid-term horizon, fiscal policy will help slow down inflation. Changes in the fiscal policy parameters may require an