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Monetary Policy in in Russia in 2020

Alexandra Bozhechkova and Pavel Trunin

Published Papers from Gaidar Institute for Economic Policy

Abstract: In 2020, the world economy was faced with a large-scale crisis caused by the coronavirus pandemic, a worsening situation in the global oil market, increasing global uncertainty, and capital outflows from emerging markets. The crisis phenomena were experienced, to a varying degree, by every sector of the economy and required the implementation of a set of urgent monetary policy measures. The Bank of Russia’s switchover to monetary policy easing became its key decision aimed at sustaining aggregate demand: in 2020, the regulator cut the key rate four times, from 6.25% per annum in February to 4.25% per annum in July, thus sinking it to its historic low.

Keywords: Russian economy; monetary policy; money market; exchange rate; inflation; balance of payments (search for similar items in EconPapers)
JEL-codes: E31 E43 E44 E51 E52 E58 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2021, Revised 2021
New Economics Papers: this item is included in nep-ban, nep-cis, nep-isf, nep-mac, nep-mon and nep-tra
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https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2021-1117.pdf Revised Version, 2021 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:gai:ppaper:ppaper-2021-1117

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