Эльвира Набиуллина 🇷🇺

"Central banks in many countries struggling with the waves of the crisis were forced to take unprecedented measures to stabilize and reverse the situation."

"Positive aspects include the financial technology revolution, as well as the increased stability of financial markets against various types of shocks."

"As a result, markets are constantly changing their expectations regarding medium-term trends, and the oil market remains quite volatile."

"I would like to dedicate my speech to the strategic goals and plans of the Bank of Russia for the next five years."

"The main trend of the next few years will be the slow recovery of the economy and the tightening of the policy of the leading central banks."

"The global economy is entering a new cycle in the low phase of the super cycle of raw materials, especially oil."

"In March, inflation fell to 4.3%, and according to estimates as of April 17, inflation has already fallen to 4.1% year-on-year, which is very close to the target level."

"I even concede that at the next board meeting in a week, a rate cut of between 25 and 50 basis points may be discussed."

"The fiscal rule helps reduce the dependence of the Russian economy on oil price fluctuations, helps maintain macroeconomic stability, ensures greater policy predictability and greater predictability and stable dynamics of interest rates in the economy."

"In general, we will follow a balanced, cautious approach to the conduct of monetary policy, taking into account risks and uncertainties, including the dynamics of oil prices, and we will maintain a moderate rigidity of monetary policy with the aim of achieving a stabilization of inflation close to 4% and a sustainable decline in inflation expectations."

"The Treasury announced plans to transition to the fiscal rule last year, and implementation of the rule's transitional provisions has already begun this year."

"A faster decline in inflation opens up room for us to lower the key rate already in April."

"And the Ministry of Finance, which made conservative decisions in the area of ​​budget policy, consistently supported the line of reducing the budget deficit, reducing dependence on oil revenues, in our opinion, contributed very significantly to maintaining stability and supporting economic adaptation processes."

"It was the financial system that first bore the brunt of the external shocks we experienced two years ago."

"And from the point of view of monetary policy, it is important for us that the chosen strategy limits inflationary risks from fiscal policy."

"And when deciding on monetary policy in March, we saw the possibility of continuing to cut the key rate in the second quarter, if the situation develops in line with the forecast."

"And, of course, our measures - monetary policy on the one hand and fiscal policy on the other - are closely linked and affect each other."

"The fact that the Russian economy is now more confident and macroeconomic indicators are normal is a very serious merit of the Ministry of Finance."

"The strategy of fiscal consolidation chosen by the Ministry of Finance and the planned reduction of the budget deficit will contribute to the stability of public finances."