Monetary Policy

Monetary policy constitutes an integral part of the state policy and is aimed at enhancing wellbeing of Russian citizens.

The Bank of Russia implements monetary policy in the framework of inflation targeting regime, and sees price stability, albeit sustainably low inflation, as its priority. Given structural peculiarities of the Russian economy, the target is to reduce inflation to 4% by 2017 and maintain it within that range in the medium run.

The monetary policy affects the economy through interest rates, its main parameter being the Bank of Russia key rate. Taking into account the pass-through effect of the monetary policy on the economy, central bank decisions are based on the economic outlook and assessment of risks to achieve the inflation target over the mid-term horizon, and also on possible threats to sustainable economic growth and financial stability.

The Bank of Russia maintains energetic communication policy, clarifying the motives and expected outcome of its monetary policy decisions, as public awareness of these efforts may enhance their effectiveness.

What's New

17/01/2020 Consumer price indices
17/01/2020 Terms and Conditions of lending standing facilities
17/01/2020 Terms and conditions of the Bank of Russia standing deposit facilities
14/01/2020 Terms of Main Deposit Auction
13/01/2020 Bank of Russia changes approach to setting minimum price for Bank of Russia coupon bonds
09/01/2020 "Economy" No. 11 • November 2019
31/12/2019 Inflation expectations and consumer sentiment
26/12/2019 Consumer activity supports economic growth in November
23/12/2019 ‘Banking sector liquidity and financial markets’ No. 11 (45) • November 2019
19/12/2019 "Consumer price dynamics" No. 11 • November 2019
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