Keyword: «bank of russia»

A comprehensive analysis of inflation dynamics and the Bank of Russia's refinancing rate for the period 2010–2023 revealed a moderate positive Pearson correlation (r = 0.361) between annual inflation, measured by the consumer price index, and the average annual refinancing rate. Significantly higher sliding correlation values (average r = 0.85) indicate a pronounced linear relationship under standard monetary policy conditions. The anomalous 2022 correlation value (r = –0.410) is due to the proactive emergency increase in the refinancing rate to 20% before reaching the inflation peak, confirming the Bank of Russia's ability to anticipate inflationary surges. The results statistically justify the implementation of the central bank's primary objective – protection and ensuring ruble stability through 4% inflation targeting in accordance with Article 75 of the Constitution of the Russian Federation and Article 3 of Federal Law No. 86-FZ «On the Central Bank of the Russian Federation (Bank of Russia)».