The Bank of Russia is conducting some negotiations and interacts with foreign banks to open branches in Russia, but to disclose information prematurely.
This was announced by the head of the Central Bank of the Russian Federation Elvira Nabiullina at a joint meeting of the State Duma committees to consider the annual report of the Bank of Russia for 2024, the Russian state media reported on Monday, April 7.
“Some negotiations, interaction on this topic is going on. Probably, now it will be premature to disclose information,” Nabiullina noted.
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Raising the key rate is still “on the table”
Improving the key rate is still “on the table” by the Bank of Russia, if inflationary risks are being implemented, Nabiullina said.
“We are very careful about reducing the key rate, given, again, the experience of 2024. At the last meeting in March, the decline was not even discussed. Moreover, on the table, as they say, there is still an increase in the rate, if, as it was last year, inflationary risks are realized,” the head of the regulator said.
According to her, the key rate is not a “magic wand”, its untimely decrease in high inflation can lead to serious consequences in the form of a new take -off of prices and market rates.
“Everyone would like the bets to decrease faster, but it is naive to believe that the key rate is such a magic wand, and if you reduce the rate, not paying attention to high inflation, the consequences will be sad in the form of a new rise in prices and even more significant growth in market rates,” she said.
The head of the Bank of the Russian Federation attracted attention to the fact that the international network of receiving Mir cards is expanding all the time. “Despite the sanctions, we gradually expand the reception of Mir cards in friendly countries where our tourists travel,” she said.
Lending this year will continue to grow, the Russian banking system remains healthy, last year sanctions could not weaken it, Elvira Nabiullina also said.
Russia has all components of the national payment structure, not all countries have this advantage, the head of the regulator assured.
“We have our own system of payment cards, our own system of transferring financial messages, our own system of quick payments. And largely due to this, people almost did not feel new sanctions. And last year they were powerful,” Nabiullina noted
the Bank of Russia and the Government of the Russian Federation operate in tandem, having some key values in the form of sustainable growth in the economy and increasing the well -being of citizens, the head of the Bank of Russia said. “The Central Bank and the government act in tandem with a clear understanding of objective restrictions, mutual responsibility, a common goal in the form of a sustainable growth of the economy and increasing the well -being of citizens. These are the key values by which we have no disagreement,” she added.