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

06/12/2019 Inflation expectations and consumer sentiment
06/12/2019 Terms and Conditions of lending standing facilities
06/12/2019 Terms and conditions of the Bank of Russia standing deposit facilities
05/12/2019 "Economy" No. 10 • October 2019
03/12/2019 Households’ inflation expectations drop to May 2018 low
03/12/2019 Terms of Main Deposit Auction
29/11/2019 Economic activity continues to grow in October
21/11/2019 Bank of Russia coupon bond offering
20/11/2019 "Russia’s Balance of Payments" No. 1 (1) • 2019 Q3
20/11/2019 Bank of Russia Governor Elvira Nabiullina speaks at plenary session of Russia’s State Duma
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