According to a representative of the Central Bank, there must be good reasons for a sudden easing of monetary policy, as in 2020, when there were risks of hypothermia of the economy. Such factors include a sharp increase in unemployment, a marked decrease in inflation and underutilization of production resources.
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Zabotkin added that a soft monetary policy is not on the agenda in the country, as the economy is in a state of overheating. The most important task at the moment is to return to the target for the growth rate of prices for goods and services, he concluded.
Last Friday, the Central Bank of the Russian Federation raised the key rate to 19% per annum. The figure was the highest since April 2022, when it was 20%.
Recall that last week it was reported that the Ministry of Energy laid down the "hypothermia" of the Russian economy in the macro forecast. The term means a sharp drop in inflation — below the Central Bank's target, to 3.7% by the end of next year.
