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

24/06/2019 Terms and Conditions of lending standing facilities
24/06/2019 Terms and conditions of the Bank of Russia standing deposit facilities
21/06/2019 Banking sector liquidity and financial markets
19/06/2019 Consumer price dynamics / No. 5 • May 2019
18/06/2019 Publishing of terms of «1 week» deposit auction, conducted by Bank of Russia
17/06/2019 Continued non-residents’ demand for OFZ and start of dividend payment period supported Russian financial market
17/06/2019 Inflation continues to slow down in May
14/06/2019 Statement by Bank of Russia Governor Elvira Nabiullina in follow-up to Board of Directors meeting 14 June 2019
14/06/2019 Economy / No. 4 • April 2019
14/06/2019 Inflation expectations and consumer sentiment / May 2019
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