Speech by the head of the Central Bank Nabiullina at the plenary meeting of the State Duma. Main
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On November 16, the head of the Central Bank, Elvira Nabiullina, presented in the State Duma the Main Directions of the Unified State Monetary Policy for 2024 and the period 2025 and 2026. The main theses are in the Kommersant collection.
About the key rate and inflation
- The key rate was increased in proportion to the inflationary pressure that arose in the middle of the year.
- Annual inflation in the Russian Federation now exceeds 7%; this level cannot be called “harmless”.
- The Central Bank will be ready to reduce the key rate next year, when annual inflation approaches the target of 4%.
About the mortgage market
- The Central Bank is concerned that the growth of mortgages in the Russian Federation is accompanied by rising housing prices and a deterioration in the quality of loans, which threatens problems.
- Over the past 12 months, the mortgage portfolio has grown by 32%. Prices for new buildings in Russia over the past three years grew up by 90%.
- The Central Bank and the Russian government should discuss the differentiation of preferential mortgages; one of the options may be the level of income in the regions.
- Preferential programs must be targeted; the mass program has led to regional imbalances.
- The 20% growth rate in corporate lending in 2023 is the fourth consecutive year of accelerating credit to businesses. Talk of unavailability of credit is exaggerated.
- The Central Bank will extend the program of preferential lending to small and medium-sized businesses until 2030.
About the state of the economy
- Capital outflow from the Russian Federation in 2023 decreased by 6 times compared to last year.
- A very important change in the behavior of citizens has occurred: Russians returned 200 billion rubles to deposits in September-October.
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