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Paper Series, 2021, 264; Burr N. Do inflation expectations respond to monetary policy? An empirical analysis for the United Kingdom. Bank of Eng- land Staff

is largely the result of the Bank of Russia’s restrictive monetary policy. The slowdown in inflation has also been promoted by improved sentiment in

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

low level, monetary conditions should remain tight for an extended period. Fiscal policy normalisation with the return to fiscal rule-based expenditure budgeting this year will

Sheet. Instruments of the Bank of Russia Monetary Policy 2. THE BANK OF RUSSIA BALANCE SHEET. MONETARY POLICY INSTRUMENTS Table 2.1 The Bank of

to +4% range in 2025, including because of tight monetary and macroprudential policies. Corporate deposits with banks were up by 11.9% by the end

a shift in market participants’ expectations towards an earlier easing of monetary policy. Credit rates remained high, while requirements for borrowers became tougher. In February,

to 4%, monetary conditions should remain restrictive for a long period. Fiscal policy normalisation this year will also be a major contributor to the deceleration

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

from monetary policy, including the normalisation of banking regulation with regard to the cancellation of earlier introduced easing, the tightening of macroprudential policy, and the