Bank of Russia Keeps Tightening the Monetary Policy

Банк России продолжил ужесточение денежно-кредитной политики

Alexandra Bozhechkova and Pavel Trunin

Russian Economic Development, 2021, issue 9, 8-11

Abstract: In September, the Central Bank of Russia’s Board of Directors took a decision to tighten the monetary policy. The key interest rate was raised by 0.25 p.p. to 6.75% per annum, the maximum value since December 2019. Such an increase was substantiated by intensified inflationary pressures on the back of expansion of demand amid existing problems related to supply of goods and services, as well appreciation of global prices. From results for August 2021, year-on-year inflation amounted to 6.7%, close to the 5-year heights. In our opinion, in 2021 the inflation rate is going to be equal to over 6% and this suggests further tightening of the monetary policy.

Keywords: inflation; monetary policy; key rate; capital outflow; Bank of Russia (search for similar items in EconPapers)
JEL-codes: E31 E52 F31 (search for similar items in EconPapers)
Date: 2021
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