The Russian economy is at a turning point, in the coming months you can expect a slowdown in inflation. This was stated by the chairman of the Bank of Russia Elvira Nabiullina during a speech in the State Duma.
“We are now at a turning point. According to banks and enterprises, in the coming months we can expect a general slowdown in the growth of a corporate loan portfolio, reducing the contribution to the growth of total demand,” said the head of the Central Bank.
She noted that this trend will lead to a slowdown in current inflation, and then a “fracture of the annual inflation indicator” will be observed. “This will be confirmed by the fact that the monetary policy has finally reached the required rigidity, so that, taking into account all the circumstances that affect inflation, to curb prices,” the head of the regulator said.
The Chairman of the Central Bank emphasized that Russia is first in a situation where all the resources of the economy are involved.
“and such low unemployment – 2.4 % – we never had a lot. There are few countries where it someday has so much dropped. We carefully monitor the situation in the real sector and by our interviews we will see that 73 % of enterprises They have a shortage of personnel, yes, the availability of a loan has also been reduced recently, but until October has been significantly inferior to the personnel deficit as the main factor that restrains production, ”Nabiullina said.
The Chairman of the Central Bank also drew attention to the fact that many compare the current increase in the rate with what was in 2014-2015 and in 2022, but these are, in the element, completely different situations. “A high key rate now has a completely different nature than previous episodes of raising the rate in 2014-2022. Then we reacted to external shocks. We had to not allow inflation, cope with the” raid “to banks, and maintain financial stability in the conditions of sanctions” , – said the head of the Central Bank of the Russian Federation.
According to the State Duma website, the head of the Central Bank introduced the deputies the report “The main directions of the unified state monetary policy for 2025 and the planning period 2026 and 2027”. The discussion was also attended by Minister of Finance Anton Siluanov and Minister of Economic Development Maxim Reshetnikov.