Nabiullina suggested that all business problems should not be reduced only to the key rate

On December 2, the head of the Central Bank of the Russian Federation, Elvira Nabiullina, at the XVI VTB Investment Forum "Russia is Calling!" suggested that all business problems should not be reduced solely to the size of the key rate.

"I would not <...> reduce the interests of business only to the key rate, to interest payments. They are really significant, but the role of low inflation should not be belittled," she said.

The head of the Central Bank stressed that many companies are facing rising transaction costs, which is a manifestation of inflation. According to her, businesses should feel the benefits of both low interest rates and a low growth rate of any costs.

Nabiullina also drew attention to macroeconomic logic: if many enterprises receive cheap financing at once with a full load of resources, this may lead not to an increase in production, but to an increase in prices and a redistribution of resources between companies.

The head of the Central Bank noted that investments this year will be higher than last year, but labor productivity growth is still significantly lagging behind the pace of investment growth. She called for government support measures to focus not on low-efficiency industries, but on projects that provide a real increase in economic potential and productivity.

Lobby and share: Nabiullina urged to deal with banks' attempts to put pressure on competitors

Deputies reacted to the demands of financial organizations to cancel discounts for customers on marketplaces

The day before, Nabiullina said that the Central Bank of the Russian Federation is constantly in contact with Russian businesses, which helps the regulator to make timely changes to its policy, focusing on new trends, as well as make informed decisions. According to her, before each decision related to the key rate, the board of directors of the regulator analyzes all available data on the situation in the regions and in different areas.

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