Template-type: ReDIF-Article 1.0
Author-Name: Bozhechkova Alexandra
Author-Workplace-Name: Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration
Author-Name: Trunin Pavel
Author-Workplace-Name: Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration
Title: Bank of Russia Keeps Tightening the Monetary Policy
Title: Банк России продолжил ужесточение денежно-кредитной политики
Abstract: In September, the Central Bank of Russia’s Board of Directors took a decision to tighten the monetary policy. The key interest rate was raised by 0.25 p.p. to 6.75% per annum, the maximum value since December 2019. Such an increase was substantiated by intensified inflationary pressures on the back of expansion of demand amid existing problems related to supply of goods and services, as well appreciation of global prices. From results for August 2021, year-on-year inflation amounted to 6.7%, close to the 5-year heights. In our opinion, in 2021 the inflation rate is going to be equal to over 6% and this suggests further tightening of the monetary policy.
Keywords: inflation, monetary policy, key rate, capital outflow, Bank of Russia
Classification-JEL: E31, E52, F31
Journal: Russian Economic Developments
Year: 2021
Issue: 9
Month: September
Pages: 8-11
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/r2193.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:r2193