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launch of new instruments for cross-border payments. Let me begin with monetary policy issues. Keeping inflation in check is the best contribution of the Central

fiscal policy on aggregate demand. If fiscal policy normalisation deviates from the adopted path, this will notably affect the level of the monetary policy tightness.

fiscal policy normalisation path in 2024 and further on will remain unchanged. Changes in this path may require a revision of the monetary policy parameters.

fiscal policy normalisation path in 2024 and further on will remain unchanged. Changes in this path may require a revision of the monetary policy parameters.

rates, which was because the Bank of Russia had tightened its monetary policy signals, among other reasons. Nevertheless, demand continued to expand in 2024 Q2

Russia takes the collected data into consideration when making decisions on monetary policy to analyse and forecast inflation and identify key trends in the economic

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

carriers (except for the metro) do today. The price for a CICL policy for taxis calculated based on the Bank of Russia’s rates will

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

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