Bank of Russia’s Monetary Policy Review
The Monetary Policy Review (MPR) is a comprehensive analysis of the effectiveness of the Bank of Russia’s monetary policy in a changing environment. Based on the findings of this analysis, the regulator makes decisions to maintain or adjust the parameters of its monetary policy.
The MPR project was launched to comprehensively assess the conditions of monetary policy implementation, evaluate the outcomes achieved during the period of inflation targeting, and determine how well these outcomes align with the primary statutory objective of monetary policy, which is to protect and ensure the stability of the ruble by maintaining price stability, thus also promoting conditions for balanced and sustainable economic growth. The Bank of Russia remains firmly committed to its mandate to maintain price stability, enshrined in law, and to the inflation targeting regime.
The Bank of Russia completed the first MPR in 2023 (MPR 2023). In 2026, the regulator launched the next MPR (MPR 2028).
Please send your feedback on the MPR to odkp@cbr.ru.