Template-Type: ReDIF-Paper 1.0
Author-Name:Bozhechkova Alexandra
Author-Name-First: Alexandra 
Author-Name-Last:Bozhechkova 
Author-Workplace-Name: Gaidar Institute for Economic Policy 
Author-Name:Trunin Pavel
Author-Name-First: Pavel 
Author-Name-Last:Trunin 
Author-Workplace-Name: Gaidar Institute for Economic Policy 
Author-Name:Knobel Alexander
Author-Name-First: Alexander 
Author-Name-Last:Knobel 
Author-Workplace-Name: Gaidar Institute for Economic Policy 
Author-Name:Kiyutsevskaya Anna
Author-Name-First: Anna 
Author-Name-Last:Kiyutsevskaya 
Author-Workplace-Name: Gaidar Institute for Economic Policy 
Title: Russia’s Monetary Policy in 2017
Abstract: The Bank of Russia eased at slow enough pace its monetary policy in 2017 despite substantial deceleration in inflation, holding that ongoing inflation risks were high, including a possible decline in crude oil prices and capital outflow, upturn in consumer demand, fiscal policy uncertainty, as well as a relatively high and unstable degree of inflation expectations. In 2017, the monetary policy rate was cut by 2.25 percentage points to 7.75 percent per annum as the inflation rate over the same period (same-month-year-ago comparison) was down 2.6 percentage points to 2.5 percent. The Russian central bank cut the key interest rate six times: by 0.25 percentage points on March 27, by 0.5 percentage points on May 2, by 0.25 percentage points on June 19, by 0.5 percentage points on September 18, by 0.25 percentage points on October 30, and by 0.5 percentage points on December 15.
Classification-JEL: E31, E43, E44, E51, E52, E58
Keywords:  Russian economy, monetary policy, money market, exchange rate, inflation, balance of payments
Creation-Date: 2018
Revision-Date:2018
Length: 18 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2018-323.pdf
File-Format: application/pdf
File-Function: Revised version, 2018
Handle: RePEc:gai:ppaper:ppaper-2018-323