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Monetary Policy in in Russia in 2020

Author

Listed:
  • Bozhechkova Alexandra

    (Gaidar Institute for Economic Policy)

  • Trunin Pavel

    (Gaidar Institute for Economic Policy)

Abstract

In 2020, the world economy was faced with a large-scale crisis caused by the coronavirus pandemic, a worsening situation in the global oil market, increasing global uncertainty, and capital outflows from emerging markets. The crisis phenomena were experienced, to a varying degree, by every sector of the economy and required the implementation of a set of urgent monetary policy measures. The Bank of Russia’s switchover to monetary policy easing became its key decision aimed at sustaining aggregate demand: in 2020, the regulator cut the key rate four times, from 6.25% per annum in February to 4.25% per annum in July, thus sinking it to its historic low.

Suggested Citation

  • Bozhechkova Alexandra & Trunin Pavel, 2021. "Monetary Policy in in Russia in 2020," Published Papers ppaper-2021-1117, Gaidar Institute for Economic Policy, revised 2021.
    • Handle: RePEc:gai:ppaper:ppaper-2021-1117
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2021-1117.pdf
    File Function: Revised Version, 2021
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    More about this item

    Keywords

    Russian economy; monetary policy; money market; exchange rate; inflation; balance of payments;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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