Template-Type: ReDIF-Paper 1.0
Author-Name: Pavel Trunin
Author-Name-First: Pavel
Author-Name-Last: Trunin
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Alexandra Bozheckkova
Author-Name-First: Alexandra
Author-Name-Last: Bozheckkova
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Alexander Knobel
Author-Name-First: Alexander
Author-Name-Last: Knobel
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title: Russia's monetary policy in 2023
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.
Classification-JEL: E31, E43, E44, E51, E52, E58
Keywords: Russian economy,monetary policy, money market, exchange rate, inflation, balance of payments, fiscal policy
Creation-Date: 2024
Revision-Date: 2024
Length: 16 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2024-1322.pdf
File-Format: application/pdf
File-Function: Revised Version, 2024
Handle: RePEc:gai:ppaper:ppaper-2024-1322