At its June meeting, for the first time this year, the Bank of Russia Board of Directors decided to cut the key rate by 0.25 pp. to 7.5% per annum. Such a decision was motivated by the plunge of annual inflation in April-May 2019 to 5.1%, coupled with weakening inflation risks. The inflation...

The key rate of the Central Bank of the Russian Federation has been raised by 1 p.p. to 8.5% per annum. It has reached its maximum value since 2017. This is due to the acceleration of inflation on the back of the expansion of demand in the face of continuing problems with goods and services...

The Bank of Russia Board of Directors meeting on 18 September 2020 left the key rate unchanged at 4.25% per annum thus putting on hold monetary policy easing taking place from the outbreak of the coronavirus pandemic. This decision was due to the effect of short-term proinflationary risks...