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is still considerably above 4%. Underlying inflationary pressures remain high. Tight monetary policy will help decelerate inflation and bring it down to the target in

divisions of the Bank of Russia regional branches jointly with the Monetary Policy Department. This issue was compiled by the Ural Main Branch of the

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

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

No. 1 (97) January 2025 Monetary policy and inflation expectations Inflation expectations of economic agents influence how effectively monetary policy will be able to control

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

Instead, we would tighten monetary policy if proinflationary factors cause inflation to accelerate. That is, we would adjust our policy to ensure inflation still reaches

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

In the logic of monetary policy’s effect on inflation, these indicators are supposed to reflect the functioning of monetary policy’s transmission mechanism (MP

reserve maintenance periods; • indicators of liquidity and required reserves; • information on monetary policy instruments and other Bank of Russia’s operations with conclusion concerning the