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IN BRIEF: Central Bank on digital ruble introduction, inflationary impact of fuel prices

Central Bank chief Elvira Nabiullina said there is no "overcooling" of the economy in Russia

© Artem Geodakyan/TASS

ST. PETERSBURG, July 2. /TASS/. Banks and large retail businesses are ready for the widespread use of the digital ruble, Central Bank chief Elvira Nabiullina said at a briefing during the Financial Congress of the Bank of Russia.

Inflation expectations for June have not yet shown a reaction to changes in fuel prices, she said. The Central Bank also does not see any reasons for emergency measures due to the prolonged decline in the financial market.

TASS picked the main statements from the Governor of the Bank of Russia.

Russian financial market

- There is no "overcooling" of the economy in Russia. "If we talk about the economy as a whole, then no, there is no such 'overcooling,'" Nabiullina said.

- The Central Bank does not see any problems requiring emergency intervention due to the prolonged decline in the Russian financial market. "Indeed, the market is currently experiencing difficulties, we see this, and there are many factors influencing this, including the geopolitical situation and internal problems, and expectations regarding the key rate, which we have discussed, also affect this situation."

- The Bank of Russia does not record excessive growth in citizens' savings. The data does not show this so far," the Central Bank chief said.

Readiness for digital ruble rollout

- Banks and large retail businesses are "ready for the widespread use of the digital ruble."

- The possibility of opening wallets in digital rubles "on the balance sheets of banks, and not only on the balance sheet of the Central Bank" is being discussed. "This project is developing. We want the digital ruble to be genuinely in demand by people and businesses, and to be convenient. And, of course, we are constantly in discussions with banks," the head of the regulator said.

- Ideas are being developed for the use of smart contracts in business: "We see great potential in using smart contracts for business, and we are working on these ideas."

Impact of fuel prices on inflation

- June indicators of inflation expectations have not yet shown a reaction to the change in fuel prices.

- It is important for the Bank of Russia to address developments in the domestic energy resources market in its monetary policy. "There are pro-inflationary risks associated with this," Nabiullina said.

National System of Payment Cards (NSPC)

- Privatization of a stake in NSPC is unlikely to occur before the end of the current year, but the process can be accelerated if there is market interest.

- The discussion of possible privatization of NSPC is at an initial stage, but control over the company will remain with the Central Bank of Russia.

Phasing out Visa and Mastercard cards

- The Central Bank "does not set" deadlines for the withdrawal of Visa and Mastercard cards; they will be gradually phased out.

Euroclear and frozen assets

- The Bank of Russia is ready to use all mechanisms and opportunities to defend its legitimate interests in the matter with Euroclear.

- The regulator does not note any "depletion" of the exchange fund for the frozen assets.

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