The main points from the speech of Elvira Neviolina at the plenary session of the State Duma of the Russian Federation on the main directions of the monetary policy of the united state for 2027–2029 (part 1).
Is it possible to fight the price increase using only the key gate?
We cannot rely on eliminating the root causes that affect production capabilities or costs. But we can and must minimize the consequences so that they do not develop into rampant inflation. So that it doesn't happen that all the difficulties are passed on to consumers in the form of high prices all the time.
Preventing price increases is our common goal. The central bank does not work alone. The key rate affects the scope of credit and thus the demand. And the government is engaged in clearing the bottlenecks related to expanding the supply of goods and services.
What can you tell about the state of the economy based on hard numbers?
Overall, in the second half of the year the economy entered an upward trajectory. We expect that by the end of the year the GDP will increase within 1%. Even despite the loss of production capacity in certain industries as a result of attacks.
Recent data indicate that further economic growth rates will gradually increase. Of course, much depends on the timing of the restoration of the production facilities damaged by the attacks. The government and businesses are doing everything to restore and protect sites as quickly as possible.
We have especially softened banking regulation so that banks are interested in issuing loans to protect production and infrastructure from attacks.
What happens to investments in general?
During the last 12 months, for which there are statistics, investments in fixed capital amounted to 43 trillion rubles. But in physical volumes, in pieces and tons - yes, in the first half of the year there was a decrease of about 10%.
Investment products rise even faster than the consumer basket. This is the same expression of high inflation, but for businesses.