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Low inflation can be dangerous for the economy — Bank of Russia

There must be some level that provides opportunities and interest for manufacturers to develop and expand production, Elvira Nabiullina noted

MOSCOW, April 21. /TASS/. Low inflation, just like high inflation, can have a negative impact on the economy, Governor of the Bank of Russia Elvira Nabiullina said on Thursday.

"Low inflation is also bad for the economy. There must be some level that provides opportunities and interest for manufacturers to develop and expand production," Nabiullina said.

It was reported earlier that annual inflation in Russia in March accelerated to 16.69% - the highest figure since April 2015. Prices rose by 7.53% over the month (maximum over the past 20 years). The monetary policy pursued by the Bank of Russia includes returning to annual inflation of 4% in 2024.

Nabiullina also added that the Bank of Russia plans to conduct the first real settlements as part of the pilot testing of the digital ruble next year. "We quickly created a prototype of the digital ruble. We are already testing it with banks. Next year we will gradually carry out pilot settlements in the real economy with the digital ruble," she said, noting that the digital ruble should make settlements cheaper.

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Central Bank of Russia

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