INTERNATIONAL FINANCIAL CONGRESS
1 July 2021
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The Bank of Russia first announced its plans to switch to a monetary policy based on inflation targeting in its Monetary Policy Guidelines for 2012.
However, in 2014-2015 the Bank of Russia had to adjust to the rapid developments quickly. 2017 marked the first time that the annual inflation approached the Bank of Russia’s target of “around 4%”. Over the last four years, the figures have been between 2.2% and 5.8%, and the average growth rate of consumer prices for that period has been at 3.8%. What major conclusions regarding the results of inflation targeting in Russia can be drawn at the moment?
How did households, businesses and the financial sector benefit from this increased price stability? What role did it play in 2020 in terms of mitigating the pandemic’s impact on the economy?
