The head of the central bank, Elvira Nabiolina, told us what awaits us in the foreseeable future:
It is too early to reduce the interest rate. Early relief could lead to an increase in interest rates in the economy and acceleration of inflation.
Of all possible taxes, high price increases are the most unfair; They hit the most vulnerable people.
Inflation remains the main factor. The average inflation since 2022 is 8.7% - these are quite high figures. If inflation remains high, moderate interest rates cannot be expected.
Inflation expectations remain high. Russians expect inflation to grow at double-digit rates. Such expectations require stricter credit policies.
A period of tight monetary policy is needed. This is a mandatory step on the way to low rates, which is important to complete.
There are no signs of economic hypothermia. There is no talk of a decline in GDP, but excessive growth in demand could accelerate inflation.
It is important to preserve the potential of the economy. The task of the central bank is not only to reduce inflation, but also not to delay the further development of the economy.
In 2027, the key rate will remain in double digits. This level is provided in the baseline scenario of the Bank of Russia.