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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

the Terms of Insurance Products Associated with the Spread of the Novel Coronavirus Infection (Covid-19)’ and on Inadmissibility of their Hard Selling’; Bank of Russia

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

situation of market volatility (e.g. , during a global financial crisis). The coronavirus pandemic is basically the first example of the crisis when nearly all

bureau data SUMMARY • The decline in retail lending activity due to the coronavirus pandemic and the related restrictive measures proved to be temporary. The quality