DKP

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The Bank of Russia's monetary policy decisions, referred to as ДКП (Денежно-кредитная политика), are being closely monitored amid inflation risks, fuel supply issues in regions, and expectations of a prolonged period of tight policy. The central bank has indicated no immediate plans for easing its stance despite previous rate cuts, with the next key meeting scheduled for 24 July to release a medium-term macroeconomic forecast.

Events

• Russia's Central Bank Holds Key Rate at 14%
• Central Bank Deputy Governor Alexey Zabolotin stated that covering…
• The Central Bank of Russia submitted to the State Duma a draft of…
• High inflation and rising prices over many years have caused concern…
• The Central Bank does not plan to shift the dates for restoring…
• Russia Approves 2027–2029 Budget with 2% Deficit
• The Central Bank estimates the direct contribution of the fuel price…
• Russia's key rate expected to fall gradually
• Putin: Avoid Overcooling Economy, Focus on Private Investment
• Central Bank Targets 4% Inflation by 2027 Amid Pro-Inflation Risks

Recent coverage

• RSPP warns of accumulation of systemic risks, including for banks, due to strict monetary policy — Интерфакс
• Central Bank: tax receipts will reduce the impact of budget expenditure growth on the DCP — Ведомости
• Central Bank sent to the State Duma a draft of the main directions of the DCP until 2029 — Ведомости
• Budget sends signals to DKP. Summary — Интерфакс
• Naбиуллина: умеренная ДКП сдерживае инфляцию в России — Ведомости
• Naбиуллина отметила "немаленькие" темпы роста корпкредитрования, несмотря на жесткую ДКП — Интерфакс
• Direct contribution of fuel to inflation rose to 0.8 percentage points — The Bell
• Naбиуллина said how a proposal for a faster exit to zero primary structural budget deficit will affect the DCP — Интерфакс
• Kostin believes that the Central Bank of the Russian Federation will continue to smoothly reduce the key rate — Интерфакс
• European stocks fell on Wednesday amid inflation fears and tightening of monetary policy — Интерфакс
• Putin stated that Russia's monetary and credit policy cannot be called too strict — Москва 24
• At the Central Bank, no obstacles were seen for the DCP, which will return inflation to the target in 2027 — Коммерсантъ
• European stock markets fell on concerns over tightening monetary policy — Интерфакс
• Central Bank of Russia published draft of main directions of macroeconomic policy, keeping July macro forecast — Интерфакс
• Purtov supported changes in the law on procurement for regions of the Russian Federation — Вечерняя Москва
• ING Group sees opportunity for Uzbekistan Central Bank to begin easing monetary policy in late 2026 — Интерфакс
• Naбиуллина states that room for cutting the key rate exists now — Интерфакс
• Ganghan: The Central Bank will not always cut the key rate by 25 basis points — Ведомости
• A 25 basis point cut in the key rate for the Central Bank of Russia will not be a major future step — Интерфакс