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Site map Monetary Policy • Monetary policy goals and principles • About inflation • How the Bank of Russia influences inflation • Forecasting and models • How key rate decisions

dynamics after a considerable reduction in the previous quarter. 1 See Monetary Policy Report (No. 3 (27), September 2019). Economy 2 No. 10 (46) October

Review of Key Indicators of Microfinance Organisations 23 December 2019 16 Monetary Policy Report 23 December 2019 17 Information and analytical commentary Economy 26 December

of policies demonstrated a return below 1% (of which 31% of policies demonstrated zero return) 42% of policies demonstrated 1-5% of return, 7% of policies

September 2019, Institute for Economic Policy index and that of Bank of Russia (calculated by the Bank’s Monetary Policy Department) pointed to manufacturing growth,

to svc_analysis@cbr.ru. This commentary was prepared by the Monetary Policy Department. Cover photo: A. Kudrin, Bank of Russia. 12 Neglinnaya Street, Moscow,

considered by the Duma, the discussion customarily goes beyond monetary policy exclusively. Indeed, monetary policy creates the conditions for development. And I think it would

Russian Federation for 2017–2023 (2017), the Strategy of the Russian State Policy for Consumer Protection until 2030 (2017). 4 Russian Financial Market Development Program

to svc_analysis@cbr.ru. This commentary was prepared by the Monetary Policy Department. Cover photo: A. Larin, Bank of Russia 12 Neglinnaya Street, 107016

MONTH-ON-MONTH) (PER CENT CHANGE, MONTH-ON-MONTH) This commentary is prepared by the Monetary Policy Department. Cover photo: Shutterstock/FOTODOM. © Central Bank of the Russian Federation 2019