Russia’s Monetary Policy in 2021

Alexandra Bozhechkova and Pavel Trunin

Published Papers from Gaidar Institute for Economic Policy

Abstract: In 2021, the rapid acceleration of the rate of inflation and overshooting by the actual inflation of the RF Central Bank’s target were the key challenges to the monetary policy following a fast recovery of demand amid limited capacities to increase supply of numerous goods and the easing of the monetary and fiscal policies. As a result, the RF Central Bank has switched over to the tightening of the monetary policy and raised the key interest rate at all its meetings of the Board of Directors since March 2021. In 2021, the key interest rate picked up by 4.25 p.p. from 4.25% annually to 8.5% annually, a record-high since 2017. It is noteworthy that such a lengthy phase of tightening of the monetary policy was observed for the first time since 2014.

Keywords: Russian economy; monetary policy; money market; exchange rate; inflation; balance of payments; fiscal policy (search for similar items in EconPapers)
JEL-codes: E31 E43 E44 E51 E52 E58 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2022, Revised 2022
New Economics Papers: this item is included in nep-cis and nep-mon
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