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entries to and exits from the market during the first wave of coronavirus infection and related to it restrictive measures. We compare trends in 2020

it. Household and businesses’ much higher inflation expectations than in the pre- coronavirus period make producers more willing to pass through a rise in output

at 175 bp above the key rate. to the spread of the coronavirus infection. At auction means the amount of funds extended (transferred) by the

deteriorates, depending on the pace of vaccination and the spread of new coronavirus strains, the global economy will grow much more slowly. Thirdly, a bumper

by, among other things, low vaccination rates and the spread of new coronavirus strains, as well as the ensuing tightening of restrictions. Medium-term inflation is

PURSUING ANTI-CRISIS POLICY IN THE CORONAVIRUS ECONOMY The Bank of Russia’s main objective in the conditions of the coronavirus pandemic that started in March

loan loss provisions for SME loans restructured due to the August 2020 coronavirus pandemic and to maintain the quality assessment as of 1 February 2020.

the key rate. In February and March, when the spread of the coronavirus beyond China became irreversible, many countries worldwide were rapidly introducing anti-pandemic restrictions

The baseline scenario new coronavirus strains and the resurgence of of MPR 1/21 implied that the oil price would equal coronavirus cases. Though there

at 175 bp above the key rate. to the spread of the coronavirus infection. At auction means the amount of funds extended (transferred) by the