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Russia’s Monetary Policy in 2021

Author

Listed:
  • Bozhechkova Alexandra

    (Gaidar Institute for Economic Policy)

  • Trunin Pavel

    (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.

Suggested Citation

  • Bozhechkova Alexandra & Trunin Pavel, 2022. "Russia’s Monetary Policy in 2021," Published Papers ppaper-2022-1195, Gaidar Institute for Economic Policy, revised 2022.
    • Handle: RePEc:gai:ppaper:ppaper-2022-1195
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2022-1195.pdf
    File Function: Revised Version, 2022
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    More about this item

    Keywords

    Russian economy; monetary policy; money market; exchange rate; inflation; balance of payments; fiscal policy;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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