The publication covers the main aspects of the discussion about the economic situation and inflation, monetary and external conditions, and alternatives to the key rate decision.
A key issue of the discussion was future inflation movements. The participants in the discussion agreed that the proinflationary scenario had become more likely, but a comprehensive assessment would only be possible after receiving additional data on the economy, current inflation, and lending.
Another focus of the deliberations was the extent of tightness of monetary conditions and its sufficiency for bringing inflation back to the target. The discussants made the decision to signal that the key rate might be raised already at the next meeting of the Board of Directors and to reiterate that the Bank of Russia would maintain tight monetary conditions for as long as needed.
The dates of future releases of the Summary of the Key Rate Discussion and Commentary on the Medium-term Forecast are given in the Calendar of key rate decisions.