RUSSIA ECONOMY LIVE | Central Bank Governer Nabiullina Breaks Silence On Russia's Wartime Crisis

Описание: MOSCOW — In her first public appearance following a highly publicized and unexplained nearly two-week absence, Russian Central Bank Governor Elvira Nabiullina held a critical press briefing after the Board of Directors decided to cut the key interest rate by 25 basis points to 14.25% per annum. This ninth consecutive rate reduction marks a deceleration in the Bank of Russia's easing cycle from its wartime peak of 21% in 2025, signaling growing caution as underlying inflationary pressures persist between 4% and 5%. The decision comes amid a rare public policy rift, after President Vladimir Putin openly lobbied for lower interest rates to boost the sanction-hit economy, while central bank officials countered that room for monetary easing remains limited due to record-low unemployment, labor shortages, and high government military spending. Additionally, the bank acknowledged rising proinflationary risks stemming from a temporary decline in motor fuel production following Ukrainian drone strikes on Russian oil refineries and export terminals. With Nabiullina's third term set to expire in June 2027, her return to the spotlight temporarily dampens intense succession rumors as Russia navigates deep structural strains, persistent inflation expectations, and a highly accommodative fiscal trajectory over the three-year horizon.
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