Template-Type: ReDIF-Chapter 1.0
Author-Name: V. Mau
Author-Name: A. Bozhechkova
Author-Name: A. Kiyutsevskaya
Author-Name: P. Trunin
Author-Name: S. Belev
Author-Name: A. Alaev
Author-Name: A. Mamedov
Author-Name: E. Fomina
Author-Name: A. Abramov
Author-Name: A. Shadrin
Author-Name: O. Izriadnova
Author-Name: S. Drobyshevskiy
Author-Name: M. Kazakova
Author-Name: S. Tsukhlo
Author-Name: G. Idrisov
Author-Name: A. Kaukin
Author-Name: Yu. Ponomarev
Author-Name: Yu. Bobylev
Author-Name: E. Gataulina
Author-Name: N. Shagaida
Author-Name: V. Uzun
Author-Name: R. Ianbykh
Author-Name: N. Volovik
Author-Name: M. Baeva
Author-Name: A. Knobel
Author-Name: L. Karachurina
Author-Name: T. Kliachko
Author-Name: I. Dezhina
Author-Name: G. Malginov
Author-Name: A. Radygin
Author-Name: G. Zadonskiy
Author-Name: E. Apevalova
Author-Name: N. Polezhaeva
Author-Name: G. Sternik
Author-Name: V. Tsymbal
Author-Name: I. Starodubrovskaya
Author-Name: K. Kazenin
Author-Name: V. Zatsepin
Author-Workplace-Name: Gaidar Institute for Economic Policy
In-Book: RePEc:gai:gbooks:RE37-2015-en
Title: Section 2. Monetary and Fiscal Policies 
Book-Title:Russian Economy in 2015. Trends and Outlooks. (Issue 37)
Abstract: In 2015, the Bank of Russia faced global challenges while implementing measures as part of its monetary policy. The economic situation in 2015 was marked by the following: Western sanctions and Russia’s countersanctions remained in effect, prices of Russia’s key export commodities continued to fall, economic agents’ expectations for high inflation remained intact. The sweeping depreciation of the Russian ruble in late 2014/early 2015 resulted in an inflation shock which kept the year-end inflation at high level: the Consumer Price Index (CPI) stood at 12.9% at the 2015 year-end, much higher than the 2017 mid-term target level (4%) set forth in the central bank’s Guidelines for the Single State Monetary Policy for 2015–2017. In its official 2015 forecast, Russia’s Ministry of Economic Development predicted inflation will not move beyond 6.3% in late 2014/early 2015, and Russia’s central bank expected it to stay at 8.2–8.7% under the baseline scenario and 9.3–9.8% under the risk scenario. At the same time, the Bank of Russia cut its key rate gradually from 17% in January down to 11% in December 2015 as inflation slowed down over the course of the year.  
Classification-JEL:
Keywords: Russian Economy, Fiscal Policy
Pages: 33-82
Chapter: 2
Edition: 1
Year: 2016
File-URL: https://www.iep.ru/files/RePEc/gai/gbchap/RE37-02-en.pdf
File-Format: Application/pdf
Handle: RePEc:gai:gbchap:RE37-02-en