Meeting on monetary policy held at the Government House of the republic

On October 9, at the Government House of the republic, speaking at a communication meeting, Deputy Director of Monetary Policy Department at the Bank of Russia Andrey Lipin reported on goals and principles of the monetary policy of the Central Bank of the Russian Federation.

First deputy Prime Minister of republic Rustam Nigmatullin and Head of the Volga-Vyatka Head Office of the Bank of Russia Larisa Pavlova addressed the meeting with a welcoming speech.

The meeting discussed the causes of the September decision of the Bank of Russia to raise the key rate, the role of non-monetary factors of inflation and the importance of coordinated actions of the authorities to reduce their influence, as well as other issues related to the monetary policy of the Bank of Russia.

The meeting participants concluded that concerted efforts to reduce inflationary expectations, to create conditions for accelerating economic growth, to improve the well-being of citizens, and to expand the planning horizon for investment projects are needed.

As noted at the meeting, the annual inflation has not exceeded the Bank of Russia's target level of 4 per cent in Tatarstan since December 2017.

“The low inflation is necessary for achieving economic growth and raising the standard of living of citizens. Steadily low inflation prevents the depreciation of wages and savings, making it possible to gradually reduce interest rates in the economy. In this context, the number of loans is growing, including long-term ones. Enterprises invest in development and technology, due to which the economy and incomes of citizens grow,” Nigmatullin said.