Press conference of the head of the Central Bank Nabiullina. Main statements

In September, the Central Bank will extend the restriction on the issuance of cash foreign currency to individuals. The Central Bank believes that the accumulation of savings by Russians can give rise to inflation: “Today, in fact, forced accumulation of savings is a compressed spring in the economy, which under certain circumstances can give rise to a sharp increase in consumption. If the supply of goods and services is limited, this can quickly accelerate demand-side inflation.” The goal of the Central Bank is to return inflation to 4% in 2024 and maintain it at this level in the future. trends towards sustained deflation in Russia. Decisions to sell subsidiaries of foreign banks in Russia will be made on a case-by-case basis and will depend on attitudes towards Russian banks abroad. Cash dollars in Russia will circulate even “under the most apocalyptic….

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