Russia's monetary policy in 2023

Pavel Trunin, Alexandra Bozheckkova and Alexander Knobel
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Alexandra Bozheckkova: Gaidar Institute for Economic Policy

Published Papers from Gaidar Institute for Economic Policy

Abstract: In 2023, monetary policy of the Bank of Russia continued to be implemented amid significant restrictions on capital movements, freezing of international reserve assets and trade restrictions, thereby creating additional risks for macroeconomic and financial stability. During 2023, inflation accelerated, driven by rapid growth of aggregate demand in Russia amid mild fiscal policy, as well as by transfer to prices of the ruble depreciation. This marked the beginning of tightening the monetary policy cycle in H2 2023. In H1, the regulator kept the key rate unchanged at 7.5% per annum, only tightening the key rate movement signal at each subsequent meeting.

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: 16 pages
Date: 2024, Revised 2024
New Economics Papers: this item is included in nep-cis, nep-mac and nep-mon
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https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2024-1322.pdf Revised Version, 2024 (application/pdf)

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