Bank of Russia launches five-year monetary policy review
The Bank of Russia has launched its 2028 Monetary Policy Review, a five-year assessment of monetary policy effectiveness. Analytical work and public consultations are planned for 2026-2027, with findings to be summarized by mid-2028.
Inflation targeting under pressure
The Bank of Russia's Monetary Policy Review (MPR) is a regular five-year assessment to evaluate policy effectiveness amid evolving macroeconomic conditions.
The previous MPR in 2023 confirmed that inflation targeting successfully navigated crises, maintained price stability, and fostered balanced economic growth.
However, the 2021-2025 period brought significant challenges, including post-COVID demand overheating, structural transformation due to external changes, and a large fiscal impulse.
During these years, inflation remained predominantly elevated, fluctuating between 2.3% and 17.8%, averaging 8.6% annually.
The Bank of Russia tightened its monetary policy, considerably reducing inflation by the end of 2025, though it still remains above the 4% target.
Shifts in the monetary policy transmission mechanism, influenced by both decreasing dollarisation and geopolitical factors, also require additional analysis.
Six analytical streams and public dialogue
The MPR 2028 will involve analytical studies across six work streams in 2026–2027.
These include the inflation target format, the operational framework, a retrospective assessment of policy effectiveness, communication as an instrument, interaction with other economic policies, and long-term trends.
Research findings will be published on the regulator's website.
The Bank of Russia encourages external experts to join this analysis and plans a scientific conference in mid-2027 to discuss results.
Public consultations will also be held in 2027 with business and expert communities, public organisations, and government authorities to gather feedback on monetary policy approaches and public perception.