The recent publication outlines the key points of the discussion regarding the economic situation, inflation, monetary and external conditions, and alternatives to the key rate decision.
During the deliberations, participants evaluated arguments for both maintaining the current key rate and increasing it. A particular emphasis was placed on assessing whether current monetary conditions are tight enough to reduce inflation and stabilize it at the target level.
The discussants decided to strengthen the Bank of Russia's signal about its future actions by planning for a longer period of tight monetary conditions in the economy.
Additionally, the Bank of Russia has released a Commentary on the Medium-term Forecast. This document details parameters of the Bank's macroeconomic forecast following the Board of Directors' key rate meeting on April 26, 2024.