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customs regulation, the issue of money and the fundamentals of the price policy. This provision signifies that the legal regulation of banking activities may only

and implements single state monetary policy; • in collaboration with the Government of the Russian Federation, it formulates and implements a policy of developing and ensuring

No. 9 (105) September 2025 Monetary policy and inflation expectations Inflation expectations of economic agents influence how effectively monetary policy will be able to control

the significance of fiscal policy decisions for future demand and inflation dynamics. Overall, it was agreed that the easing of monetary policy requires a cautious

MONETARY POLICY TRANSMISSION The monetary policy transmission mechanism (or monetary policy transmission) is a sequence of links in the economy through which monetary policy influences

According to the Bank of Russia’s forecast, given the current monetary policy stance, annual inflation will return to 4.0% in 2026 4.0

divisions of the Bank of Russia regional branches jointly with the Monetary Policy Department. This issue was compiled by the Far Eastern Main Branch of

Russia takes the collected data into consideration when making decisions on monetary policy to analyse and forecast inflation, identify the key trends in economic development

August stayed considerably above the target. The Bank of Russia’s monetary policy is aimed at bringing annual inflation back to 4.0% in 2026

of Russia Monetary Policy Bank of Russia Statistical Bulletin No. 8 (387) 55 2. THE BANK OF RUSSIA BALANCE SHEET. MONETARY POLICY INSTRUMENTS Table 2.