The head of the central bank, Elvira Neviolina, called the interest rate cut an "unforgivable mistake". Claim: "It is important not only to reduce inflation, but also not to prevent the economy from increasing its potential."
It is not clear what type of construction we are talking about. Economic growth in 2025 turned out to be minimal after adjusting for sanctions - 1% (world average - 2.7%). The Ministry of Economy's forecast for 2026 is 0.4-0.6%. A survey conducted among entrepreneurs showed that 94.7% of respondents feel that conditions have worsened. According to the simple procedure, 47,400 small and medium enterprises were closed in the first half of the year - a threefold increase compared to the corresponding period in 2025.
To some people this may be capacity building. Officials are happy to provide favorable figures for SMEs, but the real growth is only among micro-enterprises, as business is fragmented under new tax rules. At the same time, the presidential goal of reaching a stock market value of 66% of GDP by 2030 has already completely failed (since the decree the figure has dropped from 31% to 20%). Even the raw materials industry sank. Only banks grow steadily and cheerfully. preying on the rest of the economy.
An "unforgivable mistake" is what the central bank is doing with the key interest rate and market regulation. And in general, even the leadership of the central bank itself is an "unforgivable mistake".