Inflation and Monetary Policy in the Context of Large-Scale Shocks
Monitoring of Russia's Economic Outlook. Moscow. IEP. 2020, No. 5, pp. 5-7
3 Pages Posted: 24 Apr 2020
Date Written: April 10, 2020
The beginning of this year was characterized by a slow increase in consumer prices, stability in the forex market, and continuing monetary policy easing. However, the situation has changed dramatically as a result of the impact on the economy of two major interconnected shocks: a slowdown in the global economy triggered by the historically unprecedented coronavirus pandemic and a dramatic plunge of oil prices. In response to the ruble weakening in March, the Bank of Russia launched a package of measures designed to ensure financial sustainability decided to maintain its key rate at 6%.
Keywords: Russian economy, inflation, monetary policy, external shocks, pandemic, oil prices
JEL Classification: E31, E44, E52, O47
Suggested Citation: Suggested Citation