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