Presented by Yassina,Assanali, Daniya Adil

Russia 2022-2023
 To what extent contractionary monetary policy as increasing interest rate was
effective in terms of achieving stable inflation in Russia between 2022 - 2023 ?
The problem.
February 24, 2022

pic 1.
Solution
“In order to support the attractiveness of
deposits and protect households’ savings against
depreciation, we need to raise interest rates to
the levels that would compensate for higher
inflation risks for people” …. “Our monetary policy
will be aimed at maintaining financial and price
stability” (Nabiullina, 2022)

pic 2.
 Thesis
While the contractionary monetary policy
in Russia during 2022-2023 was primarily
aimed at stabilizing inflation affecting
consumption and exchange rate, it’s
effectiveness was also affected by
another exchange rate policies
 Exchange rate
In the beginnig of 2022,Ruble
was 126₽,during the war 51₽
Due to the increase in interest rate, people are attracted at and after policy 92₽
saving money on deposit rather than spending it

People did not transfer money to another

currency,it suspended ruble from fall

pic. 3
TRADING ECONOMICS. (n.d.-b). Russian Ruble - Quote - Chart - Historical
data - news. https://tradingeconomics.com/russia/currency
Consumption
“between May 14th and May 20th, 2022 Russia
experienced a decrease of 0.02% in its
consumer price index” (Mariya Kokoreva, 2022)
-0. 8%

Interest Rates
Consumer price index -0.02% -1.4%

Inflation 0.13%
Counter-Argument
Exchange rate policy

Businesses required to sell a

significant portion of their export
revenues

“Today, it will be decided to oblige enterprises to sell

80% of their export revenues” (Bank of Russia, 2022)

piс 4.
 01. Increase the supply
of foreign currency

How exchange
rate policy affect 02. Increase the
demand for rubles

inflation ?
03. Stronger ruble
Cheaper import
Thank you for
your attention!
 Reference list
Bank of Russia. (2022, February 28). Exporters to sell foreign currency revenues in all cases.
https://www.cbr.ru/eng/press/pr/?file=28022022_095000ENG_PP28022022_171344.htm
Bank of Russia. (2022, February 28). Bank of Russia increases the key rate to 20% p.a. https://www.cbr.ru/eng/press/pr/?
file=28022022_094500Key_eng.htm
Casual Scholar. (2023, March 24). Why Russia’s Pathetic Economy is Booming [Video]. YouTube.
https://www.youtube.com/watch?v=Ea2EVGicax8
Nabiullina, E. (2022, February 28). Statement by Bank of Russia Governor Elvira Nabiullina in follow-up to Board of
Directors meeting on 28 February 2022. Bank of Russia. https://www.cbr.ru/eng/press/event/?id=12730
Race, B. M. (2023, August 15). Russia hikes interest rates to 12% as rouble falls. BBC News.
https://www.bbc.com/news/business-66508154
Litvinova,D.(2023, August 15).Russia’s central bank raises interest rates in bid to stabilize ruble. PBS NewsHour.
https://www.pbs.org/newshour/world/russias-central-bank-raises-interest-rates-in-bid-to-stabilize-ruble
pic 1 - Economic Policy. (n.d.). [Image]. Retrieved from https://www.economic-policy.org/wp-m
content/uploads/2023/04/AdobeStock_482578293-scaled-e1681227205988.jpeg
pic 2 - YouTube. (2022, February 28.). [Image from video]. Retrieved from
https://i.ytimg.com/vi/cjnHtFqEcRQ/maxresdefault.jpg
pic 3 - TRADING ECONOMICS. (n.d.). [Image]. Retrieved from https://tradingeconomics.com/russia/currency
pic 4 - Bank of Russia. (n.d.). [Image]. Retrieved from https://www.cbr.ru/legacy/PhotoStore/getimgid/41109.png
Yildirim, R. H. U. S. . M. (2023, April 27). Strengthening sanctions on exports to Russia - Economic Policy. Economic Policy.
https://www.economic-policy.org/77th-economic-policy-panel/effective-sanctions/
Кокорева, М. (2022, May 25). В России впервые с прошлого лета зафиксировали недельное снижение цен.
Forbes.ru. https://www.forbes.ru/finansy/466707-v-rossii-vpervye-s-proslogo-leta-zafiskirovali-nedel-noe-snizenie-cen
Об оценке индекса потребительских цен с 28 мая по 3 июня 2022 года. (2022, June 3). Росстат.
https://rosstat.gov.ru/storage/mediabank/94_08-06-2022.htm