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lending and in the broader economy. Going forward, the current tight monetary policy is expected to ease labour shortages – a trend that seems to be

to svc_analysis@cbr.ru. This commentary was prepared by the Monetary Policy Department. Cover photo: Shutterstock/FOTODOM Bldg V, 12 Neglinnaya Street, 107016, Moscow

within the framework of its monetary policy. However, policymakers assess and forecast current inflationary pressure and make monetary policy decisions based on either monthly inflation

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

into account the announced fiscal policy parameters. A change in these parameters may require an adjustment in the monetary policy pursued. On 6 November 2024,

even amid expansionary fiscal policy or the easing of fiscal policy, the goal of reducing inflation could be achieved using monetary policy tools and the

into account the announced fiscal policy parameters. A change in these parameters may require an adjustment in the monetary policy pursued. On 6 November 2024,

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

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

PS is the main mechanism for implementing Russia’s monetary and fiscal policies, accounting for a considerable proportion of funds transfers in the NPS. The