Monetary policy guidelines for 2027–2029 sent to State Duma
Draft monetary policy guidelines for 2027–2029 have been submitted to the State Duma following executive approval on September 30, 2026. The Bank of Russia document details four medium-term economic forecast scenarios.
Four scenarios for three years
The Bank of Russia submitted the draft Monetary Policy Guidelines for 2027–2029 to the State Duma on September 30, 2026.
The strategic framework sets out the central bank's operational approaches to monetary policy implementation over the medium term.
It presents a baseline macroeconomic forecast alongside three alternative scenarios for the three-year horizon.
The updated text incorporates the policy rate decision taken on September 11, 2026, and adds a dedicated analytical box on fiscal policy across 2026–2029.
Furthermore, the submission includes the full calendar of key rate decisions for 2027 along with updated macroeconomic statistics.
From cabinet clearance to parliament
The submission marks the final step in the formal executive review process.
Prior to reaching parliament, the draft guidelines received formal approval from the Russian Government and were delivered to the President of the Russian Federation.
The final version refines the preliminary draft originally published on August 31, 2026, updating monetary projections to reflect current macroeconomic conditions and policy measures.
Scenario planning under pressure
Publishing three alternative paths alongside the baseline highlights deep structural uncertainty.
The guidelines provide parliament with welcome procedural clarity ahead of 2027.
Yet growing fiscal pressures will ultimately determine how much room the central bank retains.