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Russian Central Bank chief says actions of regulator, government closely coordinated

The regulator’s decisions influence the demand, while the government, in its turn, has levers of influence over supply, as well as "debottlenecking" on infrastructure, technologies and on certain commodity markets, Elvira Nabiullina said

MOSCOW, November 19. /TASS/. The coordination between the Bank of Russia and the government is as close now as during the pandemic in 2020 and in early 2022 when anti-Russia sanctions were announced, the regulator’s Governor Elvira Nabiullina said.

"The coordination between the Bank of Russia and the government is every bit as close now as it was in 2020 and in 2022 when we together stood against the consequences of the pandemic and sanctions," she said at a plenary session in the State Duma (lower house of the parliament).

The regulator’s decisions influence the demand, while the government, in its turn, has levers of influence over supply, as well as "debottlenecking" on infrastructure, technologies and on certain commodity markets, Nabiullina said. "In our decisions we consider both budget policy and structural measures taken by the government. <…> Our monetary policy decisions are necessary. Any fluctuations, deviations complicate and protract achievement of the low inflation target, which is crucial for the society," she added.