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21
FEBRUARY 2021
Monetary Policy Report
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The key rate remains unchanged
Inflation forecast
for the year-end 2021
If the situation develops in line with the
22
FEBRUARY 2020
Monetary Policy Report
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Key rate reduced
Inflation forecast for the end of 2020
The prospect of further key rate reduction is held
23
Principles underlying Bank of Russia monetary policy are unchanged
Publicly announced inflation target
Key rate and communication as monetary policy instruments
Forecast-based decisions
Communication transparency
24
JULY 2020
Monetary Policy Report
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Key rate reduction
Inflation forecast
for the year-end 2021
Room may remain for further easing of monetary policy;
the
25
Monetary Policy Guidelines for 2020-2022
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1
Principles and goals
The main goal of monetary policy is to support price stability, that is, sustainably low
26
27.03.2026
s Monetary Policy Review
The Monetary Policy Review (MPR) is a comprehensive analysis of the effectiveness of the Bank of Russia’s monetary policy in
of
monetary policy.
Work Stream 4. Communication as a monetary policy instrument.
Work Stream 5. Interaction of monetary policy and other economic
policies.
Work Stream
policy.
• Retrospective assessment of the effectiveness of monetary policy.
• Communication as a monetary policy instrument.
• Monetary policy and financial stability.
• New challenges to monetary policy.
29
26.03.2026
Monetary policy goals and principles
The primary objective of the Bank of Russia’s monetary policy is to protect and ensure stability of the ruble
30
23.03.2026
Interest Rates of Monetary Policy (dates of changes)
Interest Rates of Monetary Policy (dates of changes, complete version)
% p.a.
Date effective Key rate Key