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1. Quantitative indicators of monetary policy and the monetary programme................................20 IV.2. Exchange rate policy...........................................................................................................22 IV.3. Monetary policy instruments and their application.

1. Quantitative targets of monetary policy and the monetary programme.....................................21 IV.2. Exchange rate policy...........................................................................................................23 IV.3. Monetary policy instruments and their application.

1. Quantitative indicators of monetary policy and the monetary programme................................21 IV.2. Exchange rate policy...........................................................................................................23 IV.3. Monetary policy instruments and their application.

to our estimates, this improvement is attributable to, among other things, macroprudential policy measures. As to the corporate loan portfolio, its quality remains good overall,

No. 2 (110) • February 2026 MONETARY POLICY AND INFLATION EXPECTATIONS Inflation expectations of economic agents influence how effectively monetary policy will be able to control

Accounting Regulation Internal Auditing The Bank of Russia Cash Circulation Department Monetary Policy Department Legal Department Banks Supervision Security Department Real Estate Department Department Regulation

Mariya Timoshenko Deputy Governor of the Bank of Russia Alexey Zabotkin Monetary Policy Department Andrey Gangan Research and Forecasting Department Alexander Morozov Statistics Department Galina

accessibility of certain holiday destinations for Russians, as well as the visa-free policy introduced by China for Russian citizens. The said factors boosted outbound tourism.

21.1% (+8.9%) same trend. ANNUAL INFLATION • Given the current monetary policy stance, (YoY) annual inflation will fall to 4.5–5.5% in

days from the date of submitting the documents whether the provided insurance policy is acceptable or justify its refusal. If the bank refuses to accept