Search results

points of the discussion. CONTENTS ECONOMIC SITUATION AND INFLATION ............................................................................................................................................................................................................................................................ 2 MONETARY CONDITIONS ................................................................................................................................................................................................................................................................................................................................................................................. 6 EXTERNAL ENVIRONMENT ................................................................................................................................................................................................................................................................................................................................................................. 8 INFLATION RISKS ................................................................................................................................................................................................................................................................................................................................................................................................................................................. 9 CONCLUSIONS FOR MONETARY POLICY AND THE

The scenarios assume that, subsequently, government bond yields will recover gradually and inflation will return to the target. The updated scenarios also include assumptions to

at a more balanced rate, which has led to a decline in inflation that we see now, while also preserving all the financial resources required

situation and inflation, monetary and external conditions, and alternatives to the key rate decision. The deliberations focused on the assessment of underlying inflation. According to

higher market rates constrain demand and inflation, while lower ones stimulate them. In addition to monetary policy and demand, inflation and financial market trends are

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

services were up owing to their one-time adjustment for inflation. According to the Bank of Russia, inflation will go down after the effect of these

given the situation for achieving Foreign currency-denominated assets and precious metals the inflation target. The key rate is set by the Bank of Russia mainly

for medium- and long-term maturities rose in January. However, given rising market inflation expectations, real rates remained virtually unchanged. In December 2025, corporate loan rates

explore the conditions enabling a reduction in the inflation target and the impact of marketplaces on inflation. Furthermore, the Bank of Russia is interested in