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output of many goods and services. The Bank of Russia’s monetary policy aims to return inflation to 4% in 2026. • In March 2025, consumer

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

fiscal policy. Its normalisation in 2025 will have a disinflationary effect. Changes in the fiscal policy parameters may require an adjustment in the monetary policy

1. MAINTAINING PRICE STABILITY..........................................................................................................................................8 Box 1. Raising investment amid tight monetary policy.............................................................................................................. 12 1.2. ENSURING FINANCIAL STABILITY..................................................................................................................................... 13 Box 2. International reserves.......................................................................................................................................................... 14

fiscal policy. Its normalisation in 2025 will have a disinflationary effect. Changes in the fiscal policy parameters may require an adjustment in the monetary policy

decisions is fiscal policy. Our baseline forecast still assumes the return to the fiscal rule this year, which means that the budget policy will have

of monetary policy tightening, as well as bank lending terms and conditions due to banks’ capital contraction and planned departure from the policy of easing

policy. The Bank of Russia’ monetary policy communication is to be detailed and up to date. This applies to clarifying the reasoning behind monetary policy

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

of Russia Monetary Policy Bank of Russia Statistical Bulletin No. 3 (382) 51 2. THE BANK OF RUSSIA BALANCE SHEET. MONETARY POLICY INSTRUMENTS Table 2.