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IN BRIEF: Interest rates, fiscal rule discussed at Moscow Exchange Forum 2026

Governor of the Bank of Russia Elvira Nabiullina said the Russian economy faced the workforce shortage "for the first time in modern history"

© Mikhail Metzel/TASS

MOSCOW, April 16. /TASS/. The Bank of Russia is going to draw a line under five years of high inflation, Governor of the Central Bank Elvira Nabiullina said at the Moscow Exchange Forum 2026.

Russian Finance Minister Anton Siluanov said in his turn that the national government is not considering abandonment of the fiscal rule mechanism.

TASS has collected key statements made at the forum.

Statements of the Central Bank chief

Governor of the Bank of Russia Elvira Nabiullina said the Russian economy faced the workforce shortage "for the first time in modern history." "This is the new reality for authorities, the new reality for the business," she stressed.

The Bank of Russia does not consider reasonable to reach the 4% inflation target at any price in 2026, Nabiullina said. "We do not intend to reach 4% at any price. We can make such decisions now that will lead inflation to lower values, considering monetary policy lag. Nevertheless, we do not consider it reasonable," she added.

The current forecast of the Bank of Russia addresses the temporary inflation spike in this January. The regulator intends to draw the line under five years of high inflation this year, Nabiullina said. "High inflation does not facilitate the flow of resources to more efficient sectors," she stressed.

Statements of the Finance Minister

The Russian government is not considering the rejection of the fiscal rule mechanism, Finance Minister Anton Siluanov said. The ministry sees the need of revisions from the standpoint of a tougher approach towards base price fixing, he noted.

The budget deficit in the first quarter of 2026 does not give rise to concerns and it evolved due to low oil and gas revenues and advance payments, the minister said. The situation with the budget deficit will be improved over the year, he noted.

The ministry is interested in predictability of the currency rate and not in attempts to take advantage of the situation. "The main point for us is exactly the issue of exchange rate predictability and predictability of actions of foreign economic activity participants and financial market players," Siluanov said.

Statements of the Economy Minister

The currency rate in Russia will be stronger than "many would like," Minister of Economic Development Maxim Reshetnikov said.

This will be a major structural challenge for the economy and will require flexibility for the labor market.

Interest rates in the national economy will decline gradually, the minister added.

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