The government called Bloomberg information about pressure on the Central Bank a fake

The press service of Prime Minister Mikhail Mishustin called Bloomberg’s information about pressure on the Bank of Russia on the key rate issue untrue. They stressed that the Cabinet of Ministers and the Central Bank are in constant contact, including “in matters of developing measures to support the economy in the face of sanctions and act within their powers and functions.”

“I emphasize separately that the publication of such information is always sensitive for business and citizens, and such stuffing is speculation in order to influence the development of the situation in the economy,” Boris Belyakov, the prime minister’s press secretary, told Kommersant.

Earlier today, February 7, Bloomberg published a note citing sources that the government renders pressure on the Bank of Russia. According to the agency, the Cabinet of Ministers is pushing the regulator towards more optimistic economic forecasts. Also, on the eve of the meeting of the Central Bank, which is scheduled for February 10, the White House calls on the Central Bank to signal to the market that it is ready to ease monetary policy.

As of today, February 7, the key rate is set at 7.5%. The Central Bank has already kept this indicator three times. According to the forecast of the Central Bank, in 2023 the average key rate will be in the range of 6.5-8.5%, in 2024 – 6-7%, in 2025 – 5.6%. The movement of the key rate depends, among other things, on the level of inflation. According to Rosstat, at the end of 2022, it amounted to 11.94%. Analysts of the Central Bank expect that in 2023 it will be 6%. At the same time, the government’s key indicator is 4%.

Mikhail Belyaev