The Bank of Russia has postponed the deadline for completing the Monetary Policy Review (ODCP) to mid-2023 from 2022. This is stated in the message of the regulator.
The fundamental change in the external conditions for the Russian economy at the beginning of 2022, associated with the strengthening of external trade and financial restrictions and the introduction of capital controls, fundamentally affected the conditions of monetary policy. In this regard, a qualitative summing up of the results of the ODCP is impossible without taking into account and additional understanding of the new reality for the Russian economy, the Central Bank emphasizes.
In September of this year, the Central Bank will publish an updated plan of analytical work and activities.
In mid-2021, the regulator initiated an analysis of its monetary policy for the period of inflation targeting. The purpose of the ODCP is to comprehensively assess the first results of inflation targeting in Russia and the degree of compliance of the current parameters of monetary policy with changing conditions.
In October 2021, the Bank of Russia published a detailed plan of analytical work and activities within the framework of the ODCP, assuming to present the results by mid-2022.
