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mid-term horizon, fiscal policy will help slow down inflation. Changes in the fiscal policy parameters may require an adjustment in the monetary policy pursued. Following

Moscow Exchange. Monetary Conditions and Monetary Policy Transmission MONETARY POLICY TRANSMISSION The monetary policy transmission mechanism (or monetary policy transmission) is a sequence of links

of Russia Monetary Policy Bank of Russia Statistical Bulletin No. 9 (388) 55 2. THE BANK OF RUSSIA BALANCE SHEET. MONETARY POLICY INSTRUMENTS Table 2.

level observed in the previous month. The Bank of Russia’s monetary policy is aimed at bringing inflation back to 4.0% in 2026 and

transfers. The Bank of Russia conducts regular monitoring of credit institutions’ fee policies with regard to clients’ funds transfers via SBP to assess their compliance

were decreasing in August amid the ongoing transmission of the earlier monetary policy easing. A modest uptick in corporate and retail lending continued in August.

monetary indicators to monetary policy easing. • Fiscal policy of 2025 has not yet produced its disinflationary effect. Risks related to fiscal policy are growing. Meeting

monetary indicators to monetary policy easing. • Fiscal policy of 2025 has not yet produced its disinflationary effect. Risks related to fiscal policy are growing. Meeting

2025, the National Financial Board (NFB) considered the drafts of the Monetary Policy Guidelines and the Russian Financial Market Development Programme for 2026–2028. The

formulate and pursue single state monetary policy jointly with the Government of the Russian Federation; 11) formulate and pursue policy of developing and ensuring the