The head of the Bank of Russia, Elvira Nabiullina, being at an industry event in Kazakhstan, called the signal of easing monetary policy last year a mistake. Details today, November 14, leads TASS.
Thus, speaking about the importance of communication, Nabiullina acknowledged the mistake made by the Russian regulator. The central bank then gave a signal that the market interpreted incorrectly, after which there was a surge and subsequent growth in lending activity.
"Last year we had some error in communications, we then raised the rate to 16%. It seemed to everyone that it was very high, but in communication at the beginning of the year we indicated that the rate was high enough, the policy was quite tight, inflation would decrease, and we would reduce the key rate <>. Basically, we were told that we would definitely reduce the key rate, but we did not hear that we would reduce it if inflation was falling. There were expectations of a rapid easing of the PREP, then the business took out a lot of loans at floating rates in the hope that rates would decrease rapidly. Credit activity continued to grow at a very high pace," Nabiullina said.
Therefore, Elvira Sakhipzadovna added, the Central Bank now more carefully verifies and analyzes all its actions.
EADaily also previously reported that Nabiullina explained the reason for the accuracy of the Central Bank when lowering the key rate.
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