Monetary Policy

On Bank of Russia 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.

Guidelines for the Single State Monetary Policy

Monetary Policy Report

On the estimation of the limits on the Bank of Russia auction-based liquidity providing (absorbing) operations

Interest rates on the Bank of Russia operations

Interest rates on Bank of Russia specialised instruments

Interest rates on the Bank of Russia FX operations

Interest rates on the Bank of Russia credits provided under the irrevocable credit lines

Interest rates on the Bank of Russia liquidity provision operations under the emergency liquidity assistance mechanism

The System of Monetary Policy Instruments

Bank of Russia FX liquidity provision operations

Mandatory Reserve Requirements

Bank of Russia Secured Loans

Bank of Russia Deposit Operations

Bank of Russia bond operations

Bank Lending Conditions

Indices of changes in bank lending conditions and demand for loans based on a quarterly survey of the largest Russian banks

Methodology for Calculation of Indices of Changes in Bank Lending Conditions and Demand for Loans

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