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621
15.09.2025
August stayed considerably above the target. The Bank of Russia’s monetary policy is aimed at bringing inflation back to 4.0% in 2026 and
622
15.09.2025
moderate retail lending.
More details are available in the information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.
Preview photo: SirichaiKeng / Shutterstock / Fotodom
623
12.09.2025
a lot will depend on the parameters of fiscal policy that will be ultimately proposed. Our policy is aimed at reaching the inflation target of
624
12.09.2025
to the State Duma. Changes in the fiscal policy parameters may require an adjustment in the monetary policy pursued.
On 24 September 2025, the Bank
expansion) is largely due to monetary policy tightening undertaken in 2024
and materialising with lags inherent in monetary policy transmission. That said, a signifi-
cant
1. MONETARY POLICY OBJECTIVES AND KEY MEASURES
MONETARY POLICY OBJECTIVES AND PRINCIPLES
The main goal of the Bank of Russia’s monetary policy is to
627
04.09.2025
portfolio continued to shrink (-1.6%) due to tight monetary and macroprudential policies. The upper bound of the forecast range for the year has been
No. 8 (104) August 2025
Monetary policy and inflation expectations
Inflation expectations of economic agents influence how effectively monetary policy will be able to
control
629
01.09.2025
to decreased deposit rates and the market's expectations of further monetary policy easing.
The structure of investments has changed slightly. The share of bonds
gas transit to Europe via Ukraine, and reduced grain
stocks. Foreign trade policy measures were another drag on exports. However, they were supported
by high