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

banks. The participants discussed the current economic situation and specifics of monetary policy pursued, issues concerning virtual assets regulation, development of banking services and new

is still considerably above the target. The Bank of Russia’s monetary policy will remain as restrictive as is needed in order to bring inflation

the Monetary Policy Department, the Research and Forecasting Department, and representatives of other Bank of Russia Departments and Main Branches. The Monetary Policy Department together

medium-term horizon. • Fiscal policy. The fiscal assumptions in the baseline scenario rely on the Guidelines for Fiscal, Tax, and Customs and Tariff Policy for 2025

the Monetary Policy Department, the Research and Forecasting Department, and representatives of other Bank of Russia Departments and Main Branches. The Monetary Policy Department together

countries in Global Value Chains: Implications for Trade and Trade- Related Policies. OECD Trade Policy Papers. https://ideas.repec.org/p/oec/traaab/179-en.html

of Russia Monetary Policy Bank of Russia Statistical Bulletin No. 4 (383) 51 2. THE BANK OF RUSSIA BALANCE SHEET. MONETARY POLICY INSTRUMENTS Table 2.

remained tight. More details are available in the information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism. Preview photo: iam.yayha / Shutterstock / Fotodom

risk management policies Examples of sustainability policies Basel II Pillar 2-based policy. Risk appetite methodology Sustainability policy Credit risk management policy Climate risk policy Risk