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Federal Reserve System’s meeting where it announced possible easing of monetary policy this year. In May, interest rates in the deposit market continued to

Wage and pension indexation 32 31 32 32 Source: InFOM. 1 Monetary Policy Report No. 2 (26), June 2019, box ‘Survey microdata-based assessment of the

around the target level, first of all, the inflation targeting policy and a disciplined fiscal policy pursued by the Government. On its part, the Central

between monetary and macroprudential policies, new financial arrangements in residential property construction and support for entrepreneurs, communication policy as a monetary policy tool, digital transformation

to svc_analysis@cbr.ru. This commentary is prepared by the Monetary Policy Department. Cover photo: Shutterstock.com. 12 Neglinnaya Street, Moscow 107016 Bank of

economy. Usually, a change to the key rate is a major monetary policy tool. • Examples of key rates used by the leading central banks include:

28 January 2019. The move reflects the Bank of Russia’s consistent policy of improving financial inclusion in the microfinance market and enhancing its financial

Analysts’ expectations of the 2019-2020 key policy rate declined in May (Figure 42). The current consensus forecast of the policy rate suggests two downward adjustments

and commodity currency effect creates serious difficulties for the conduct of monetary policy in commodity-exporting economies. According to a paper by Valery Charnavoki (New Economic

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