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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

in 2019Q2 ________ 39 2.1.2. Bloomberg consensus: transition to neutral monetary policy expected at the start of 2020 ________________________________________________________________ 40 The Research and Forecasting Department

future monetary key rate at the July meeting was in line with policy stance. Banking sector liquidity and financial markets 3 No. 7 (41) July

go back to 4% in early 2020 driven by the current monetary policy. In July 2019, the annual inflation rate slowed Distribution of goods and

The issue presents information on Bank of Russia Board of Directors monetary policy meetings in 2020. The Credit Institutions section features information about the Russian

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

According to the Bank of Russia’s forecast, given the current monetary policy stance, annual inflation will return to 4% in early 2020. Preview photo:

monetary policy September 6 Board of Directors meeting on monetary policy March 22 Release of the Monetary Policy Report Release of the Monetary Policy Report

the Bank of Russia’s forecast, taking into account the pursued monetary policy, annual inflation will return to 4% in early 2020. Inflation expectation indicators

same month of the previous year (1.5 – 2%) published in Monetary Policy Report No. 2 in June 2019. Consumer activity revival in June 2019