In February 2024, the Central Bank began publishing a dedicated document that captures the discussions held before each key interest rate decision. These summaries, expected to appear on the regulator’s site, provide a concise record of the deliberations surrounding the monetary policy move.
The document is slated to be released on the sixth business day after every decision on the key rate. In Bank of Russia communications, this record is referred to as the “Summary.”
The regulator stated that the summary will reflect the conversation around the central question of the rate decision during the period known as the “week of silence” and the subsequent Central Bank board meeting.
Additionally, the summary will present alternative options considered during the decision process. It will outline the arguments for and against the final actions regarding the key rate, while avoiding disclosure of the identities of participants in the discussions.
On January 30, early in the morning, Elvira Nabiullina, the head of the Central Bank, indicated in an interview that while there is a likelihood of moving toward a lower key rate, the conditions for such a reduction are expected to develop in the second half of 2024.
Earlier, Nabiullina provided explanations regarding the factors behind the inflation slowdown in Russia, clarifying the dynamics that influence price changes and the policy stance during this period.
This approach aims to improve transparency around monetary policy decisions, giving the public and market participants a clearer view of the considerations that accompany rate changes and the range of potential paths the central bank contemplates.