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the framework of its monetary policy. However, to assess and forecast current price pressure and make decisions on monetary policy, the Bank of Russia relies

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

Russia policies. At our meetings, deputies asked me why the Bank of Russia’s and Government’s policies are diverging. Indeed, the tight monetary policy

of Russia has established the procedure for selling unit-linked life insurance (ULLI) policies and informing customers about the specifics of this instrument. The relevant Ordinance

2.5%. • 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 a number of other Bank of Russia Departments and Main Branches. The Monetary Policy Department

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

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

the key rate and in anticipation of a further tightening of monetary policy in the medium term. Yet, in real terms, monetary conditions tightened to

inflation in 2024 and 2025. In this context, additional tightening of monetary policy was needed to bring inflation down to the target and reduce inflation