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
Title: Monetary Policy in in Russia in 2020
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.
Classification-JEL: E31, E43, E44, E51, E52, E58
Keywords: Russian economy, monetary policy, money market, exchange rate, inflation, balance of payments
Creation-Date: 2021
Revision-Date: 2021
Length: 22 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2021-1117.pdf
File-Format: application/pdf
File-Function: Revised Version, 2021
Handle: RePEc:gai:ppaper:ppaper-2021-1117