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Russia's monetary policy in 2023

Author

Listed:
  • Pavel Trunin

    (Gaidar Institute for Economic Policy)

  • Alexandra Bozheckkova

    (Gaidar Institute for Economic Policy)

  • Alexander Knobel

    (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.

Suggested Citation

  • Pavel Trunin & Alexandra Bozheckkova & Alexander Knobel, 2024. "Russia's monetary policy in 2023," Published Papers ppaper-2024-1322, Gaidar Institute for Economic Policy, revised 2024.
    • Handle: RePEc:gai:ppaper:ppaper-2024-1322
    as

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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2024-1322.pdf
    File Function: Revised Version, 2024
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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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