you need to believe in the monetary policy of the Central Bank in the same way as in civil aviation – Kommersant

Deputy Chairman of the Bank of Russia Alexei Zabotkin said that the broad masses need to believe in the monetary policy of the regulator just as they believe in civil aviation. He noted that the average citizen will not and should not understand in detail all the macroeconomic mechanisms, as well as the physics of flying on an airplane.

“We all fly airplanes, and probably a very small proportion of us understand the physics of this process, but nevertheless we still fly them, although they are heavier than air, believing that the person who pilots the plane, and those the technicians who service it do their job properly. In a sense, the credibility of the MEP (monetary policy.— “b”), from the point of view of the broad masses, should be based on approximately the same trust as our trust in civil aviation,” said Mr. Zabotkin (quoted from Frank Media).

The Deputy Chairman of the Central Bank oversees the monetary policy of the regulator. June 30 he allowed an increase in the key rate at the next meeting of the Board of Directors of the Bank of Russia on July 21. In his opinion, the balance of risks is shifting towards the pro-inflationary side. He explained that the 7.5% rate “was consistent with our understanding, including our forecast, of what is required to stabilize inflation near 4%.”

In June the regulator left the key rate remains unchanged – at the level of 7.5% per annum. The Central Bank leaves this indicator unchanged for the sixth time since September 2022.

Details – in the publication “Kommersant” “The key rate remained the same”.

Erdni Kagaltynov