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521
16.02.2026
processes, evaluate the reasons behind current developments, analyse risks, and devise effective policy measures under conditions of uncertainty, structural changes, and various shocks.
Communicating research
currency channel of tight monetary policy, re-
strained price growth. At the same time, the disinflatinary input of fiscal policy proved to
be much more
523
13.02.2026
we put a particular focus on fiscal policy – both federal and regional policies. The parameters of fiscal policy enshrined in the law suggest its strong
s monetary policy macroeconomics and macroeconomic policy
3. Bank of Russia’s key rate decision-making
process, analysis and forecasting system for
implementing monetary policy
4.
infrastructure and fintech, new financial market
instruments, supervision, combating cyber fraud, monetary
policy — in all these areas, regulators in different countries
face common challenges. It
526
13.02.2026
announced parameters of fiscal policy. In the mid-term horizon, fiscal policy will help slow down inflation. Changes in the fiscal policy parameters may require an
527
11.02.2026
of RUR) Liquidity provided by open market operations (bln of RUR) Monetary policy standing facilities and Supplementary mechanism of liquidity provision (bln of RUR) Special
528
11.02.2026
of RUR) Liquidity provided by open market operations (bln of RUR) Monetary policy standing facilities, net (bln of RUR) Special refinancing facilities and other standing
No. 1 (109) • January 2026
MONETARY POLICY AND INFLATION EXPECTATIONS
Inflation expectations of economic agents influence how effectively monetary policy will
be able to control