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251
matte finishing.
Authors
Designers: E.V. Kramskaya (obverse), A.A. Brynza (reverse).
Sculptors: A.A. Dolgopolova (obverse), A.N. Bessonov (reverse).
Mint: Saint Petersburg Mint
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Designers: E.V. Kramskaya (obverse), O.G. Shepel (reverse).
Sculptors: A.A. Dolgopolova (obverse), A.N. Bessonov (reverse).
Mint: Saint Petersburg Mint (СПМД).
Edge: 300
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reverse).
Sculptors: A.A. Dolgopolova (obverse), A.N. Bessonov (reverse).
Mint: Saint Petersburg Mint (СПМД).
Edge: 300 corrugations.
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Kirov is a major Russian
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range considered by the Bank of Russia as a neutral rate range
A neutral rate is a level at which the key rate exerts neither
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4% further on. The accommodative monetary policy pursued limits the risks of a substantial deviation of inflation downwards from the target.
2
Economic recovery
slowed
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and
• a more considerable and longer-term impact of the ruble appreciation in 2019 than was assumed in our baseline forecast.
In addition, there is a
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and production chains.
All this shapes a more persistent character of inflation compared to October expectations and calls for a due monetary policy response. Given
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9–3.2%
Inflation reduction is driven by a number of factors:
• larger food supply due to a good harvest,
• ruble appreciation,
• inflation slowdown in
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round of a slump in oil prices, despite the new OPEC+ deal
• the introduction of anti-pandemic restrictions in Russia.
A positive aspect is a slight
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the year of 4.8–5.4% p.a. in 2021 and 5.3–6.3% p.a. in 2022. The Bank of Russia forecasts