Monetary policy guidelines set out scenarios for 2027–2029
The Bank of Russia has released its monetary policy guidelines for 2027–2029, setting out baseline and alternative economic scenarios. The final version incorporates the latest key rate decision and medium-term baseline forecast.
Three years, multiple scenarios
The Bank of Russia's Monetary Policy Guidelines for 2027–2029 explain its approach to implementing monetary policy over the next three years.
The strategic document presents a baseline scenario and alternative paths for economic development over that horizon.
The final version incorporates the key rate decision and the medium-term baseline forecast approved by the Board of Directors on October 23, 2026.
It also reflects statistics and other data released through October 20, 2026.
The announcement identifies these inputs to the final guidelines but does not reproduce the rate decision, numerical forecast assumptions or the content of the alternative scenarios.
From draft to final guidelines
The Government of the Russian Federation approved the earlier draft, which was submitted to the President and discussed with State Duma deputies at working meetings.
The Bank of Russia released the final guidelines on October 28, 2026, following those discussions and the forecast update.
The announcement also links to a list of changes relative to the draft published on September 30, 2026, allowing readers to distinguish the final document from the earlier version.
Scenarios, not a rate path
The guidelines describe a policy framework and several economic scenarios, not a single stated rate path.
The announcement supplies no numerical projections or scenario comparisons.
Those details require consulting the linked strategic document.