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Bank of Russia to disclose more details on discussion of key rate decisions from February

Starting February 2024, the Bank of Russia will release the Summary that will cover the discussion of the key rate decision during the quiet week and at the meeting of the Bank of Russia Board of Directors on the sixth business day after each key rate decision

MOSCOW, January 30. /TASS/. Russia’s Central Bank will start disclosing more details on discussion of key rate decisions from February 2024, the regulator reported.

"The Bank of Russia will update the set of publications issued after the Board of Directors’ key rate meetings and will start releasing the Summary of the Key Rate Discussion. This decision has been made following the studies and public consultations on the Bank of Russia’s Monetary Policy Review. The aim is to explain the rationale behind the Bank of Russia’s key rate decisions in greater detail and make its monetary policy more transparent," the regulator said.

Starting February 2024, the Bank of Russia will release the Summary that will cover the discussion of the key rate decision during the quiet week and at the meeting of the Bank of Russia Board of Directors on the sixth business day after each key rate decision. "The Summary will detail the views of the discussion participants about the situation in the economy and its development prospects, alternative decisions with the reasons for and against them, and the rationale behind the approved decision. The views will be presented without specifying individual participants in the discussion," according to the report.

The Central Bank will also change the format of its press release on the key rate, making it concise as details on the main factors influencing the key rate decision will be disclosed in the Summary. As before, the press release will be published at 1.30 p.m. on the day of the key rate decision. Within the core rounds, the Bank of Russia will also issue a medium-term macroeconomic forecast simultaneously with the press release. The format of the Bank of Russia Governor’s press conference will remain unchanged. As before, it will be held at 3.00 p.m. on the day of the key rate decision.

This year’s first meeting of the regulator’s board of directors on the key rate will be held on February 16.

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