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trends are affected by factors that are beyond the scope of monetary policy measures. According to the authors of the study ‘Non-monetary Inflation Factors in

MONTH-ON-MONTH) (PER CENT CHANGE, MONTH-ON-MONTH) This commentary is prepared by the Monetary Policy Department. Cover photo: R. Gilimshin, Bank of Russia. © Central Bank of the

Monetary Policy 2. The Bank of Russia Balance Sheet. 2. The Bank of Russia Balance Sheet. Instruments of the Bank of Russia Monetary Policy Bank

WhatsApp Telegram The positive pass-through of the Bank of Russia's monetary policy easing was largely reversed in October; the situation in global markets was

resort to monetary policy measures. If we observe permanent factors, we take monetary policy measures. Let me remind you that our policy is aimed at

risks still exceed pro-inflationary risks over the short-term horizon. Given the monetary policy stance, annual inflation will come in at 3.5–4.0% in

11 December 2019, the National Financial Board (NFB) meeting considered the Monetary Policy Guidelines for 2020–2022 and reviewed the information from the Bank of

of 10 December 2019 has been released. The issue publishes the Monetary Policy Guidelines for 2020–2022. The reference to the Press Service is mandatory

the Bank of Russia (3.2–3.7%). Given the pursued monetary policy, annual inflation will come in at 3.5–4.0% in 2020

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