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Bank of Russia to consider budget policy measures in key rate decision-making

According to the statement, the regulator intends to bring the key rate down back to its long-term neutral range of 5-6% per annum

MOSCOW, August 12. /TASS/. Russia’s Central Bank will consider budget policy measures in its key rate decision-making, as well as when drafting its macroeconomic forecast, according to Draft Monetary Policy Guidelines for 2023-2025.

"The new fiscal rule's principles are being developed now. The scale of its countercyclical influence on the economy will depend on the fiscal rule’s configuration. The Bank of Russia will consider budget policy measures in drafting the macroeconomic forecast and taking decisions on the key rate," according to the document released on Friday.

The regulator intends to bring the key rate down back to its long-term neutral range of 5-6% per annum, the document said.

Considering the decision taken by the Central Bank’s board of directors on July 22, the average annual key rate will total 10.5-10.8% per annum this year. If the situation unfolds under the regulator’s base case scenario the key rate will stand at 6.5-8.5% in 2023, 6-7% in 2024, and 5-6% in 2025.

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