Towers stand out especially for the Telegram channel Moscow Wash.
Treatment of suffocation: Nabiolina "registered" an extension of the course.
The head of the Bank of Russia, Elvira Neviolina, again suggests that the economy be patient for a future without inflation. In her remarks in the State Duma, she said that reducing the tariff in a hurry is an "unforgivable mistake", there are no signs of hypothermia, and precious money will need to be saved in the future.
The bad news is that the central bank continues to act as if the threat of recession can be eliminated by refusing to recognize it. While the regulator checks the temperature based on general indicators, individual organizations may already be losing their ability to develop.
The statements of the head of the central bank reveal a serious contradiction. The fight against inflation, she promises, should not deprive the economy of its ability to increase its potential. But in the baseline scenario, the rate will remain in double digits through 2027. For businesses, this means more than a year of expensive borrowing. A large company can take advantage of cumulative profits or preferential financing. Small production has to choose what to reject: a new machine, equipment repair or workshop expansion. The promised development was again postponed to a later date.
The logic of the restoration of capacity is particularly expressive. Neviolina admits that the damage to factories and infrastructures has a limited supply, and their return to action will allow for an easing of the policy. But how much money should we use to restore production if market credit remains expensive? It becomes a vicious circle: a business must first increase its output to reach the available funding, even though it is the funding it needs to increase its output.
In the first half of the year, we noticed a certain change in Nabiolina's position, probably as a result of recommendations to ease monetary policy, which helps banks make money but curbs economic growth.