Template-Type: ReDIF-Article 1.0
Author-Name:Alexandra Bozhechkova
Author-Name-First:Alexandra        
Author-Name-Last: Bozhechkova  
Author-Workplace-Name:  Gaidar Institute for Economic Policy
Title: RUSSIA’S INFLATION AND MONETARY POLICY IN APRIL 2015
Abstract: On 30 April 2015, the Bank of Russia reduced the key interest rate from 14% to 12.5% per annum, noting in this
connection that the inflation risks had become less pronounced, but that the risks of a more signifi cant cooling of
the economy were still there. By all indicati ons, the RF Central Bank believes that any further strengthening of the
ruble can hardly be feasible. On 14 May, the RF Central Bank announced that it would once again resort to interven
tions in the form of foreign exchange purchases in order to replenish its international reserves in the amount
of $ 100m – 200m per day. Over April 2015, the Consumer Price Index’s growth amounted to 0.5% (vs. 0.9% in
April 2014.), which is 0.7 pp. below its March 2015 level. As a result, the inflation index in April 2015 amounted to
16.4% of its April 2014 level, thus having declined for the first time since July 2014. Over the first 25 days of May
2015, the Consumer Price Index’s growth rate dwindled to 0.3%.
Classification-JEL:P24, E52  
Keywords: INFLATION AND MONETARY POLICY  
Journal: Russian Economic Developments
Year: 2015
Issue: 6
Month: June
Pages: 6-10
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/524Bozhechkova.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:524