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the upper bound of 7.0–7.5%. Given the current monetary policy stance, annual inflation will go down to 4.0–4.5% in

conditions; • will contribute to the effectiveness of the transmission mechanism of monetary policy; and • will help limit proinflationary risks. The issue of high interest-bearing bank

year, inflation will be slowing down, including due to our earlier monetary policy decisions. Taking into account the current level of price pressure, we might

According to the Bank of Russia’s forecast and given the monetary policy stance, annual inflation will decline to 4.0–4.5% in 2024

the Bank of Russia Monetary Policy 2. The Bank of Russia Balance Sheet. INSTRUMENTS OF THE BANK OF RUSSIA MONETARY POLICY Table 2.1 The

cards and emoney transactions. To assess the principles underlying credit institutions’ fee policies, the Bank of Russia requested and analysed the information on how frequently

high level of inflation expectations. However, in a sign that the monetary policy transmission mechanism is increasingly having an effect, the rise in interest rates

National Financial Board holds meeting 12 December 2023 Press release Share VKontakte WhatsApp Telegram The National Financial Board (NFB) considered the Monetary Policy Guidelines for

History Data with Implications for Monetary Policy and (Macro-) prudential Regulation (joint with NES) Seminar 3 July 2019 Macroprudential Policy Effectiveness: Theory and Practice Conference

the impact of monetary policy or the effectiveness of macroprudential measures. Jimenez et al. (2014) study the impact of monetary policy on the supply of