Nabiullina spoke at a joint meeting of State Duma committees ahead of the consideration of the main directions of monetary policy for 2027–2029, RBC reported. According to the head of the regulator, only maintaining the rate, not lowering it, was discussed at the September and October meetings.
Hasty easing of monetary policy, according to Nabiullina, could lead to an increase in interest rates in the economy and an acceleration of price growth. The RIA Novosti report does not specify a timeline for a possible reduction or the conditions under which the Central Bank might make such a decision.
Among the reasons for the pause, Nabiullina cited increased inflation expectations and a higher-than-expected budgetary contribution to demand in the current and next two years, RBC writes. These factors, according to the head of the Central Bank, are taken into account when discussing the rate level.
In October, the Bank of Russia maintained the rate at 14% per annum, Finansy Mail reported. The next meeting of the regulator's board of directors is scheduled for December 18.
