ARCHIVE. Last updated: 27.03.2020. Up-to-date information is available on the Bank of Russia website (current version).

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

27/03/2020 Terms and Conditions of lending standing facilities
27/03/2020 Terms and conditions of the Bank of Russia standing deposit facilities
24/03/2020 Terms of Main Deposit Auction
20/03/2020 "Consumer price dynamics" No. 2 • February 2020
20/03/2020 Statement by Bank of Russia Governor Elvira Nabiullina in follow-up to Board of Directors meeting 20 March 2020
20/03/2020 The Bank of Russia keeps the key rate at 6.00% p.a.
19/03/2020 Bank of Russia commentary on liquidity provision operations
17/03/2020 Bank of Russia Governor to hold a press conference in the follow-up to Board of Directors meeting on 20 March 2020
13/03/2020 Inflation down in February, however inflation risk balance shifts in March
13/03/2020 Bank of Russia commentary on liquidity provision operations
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