Nabiullina called the tool for the economy “to stand firmly on his feet”

Russia needs to achieve low inflation to ensure the stability of the country's economy, said the head of the Bank of Russia Elvira Nabiullina at a plenary meeting on the main directions of monetary policy (MCP) until 2029 in the state Duma. RBC conducted a live broadcast.

During the period of high inflation, citizens kept their savings not in rubles, but in foreign currency. Businesses attracted loans from countries with low rates associated with low inflation. “But now foreign funding is not available to us,” Nabiullina said.

In this regard, it is important for Russia to switch to low inflation in order to create an affordable credit resource. We need, if you want, to complete the import substitution of low global inflation and moderate global rates with the same conditions in our economy. This is absolutely necessary for our economy to stand firmly on its feet, Nabiullina said.

The head of the Bank of Russia also predicted GDP growth in 2026 within 1%.

According to Rosstat, inflation in Russia for the period from 3 to 9 November amounted to 0.12%, in annual terms - 6.33%. At the end of October, the head of the Central Bank said that in 2026 inflation will be 7.1-7.6%. The Bank of Russia expects that as supply normalizes and the tight policy action, price growth will slow to 4% in the first half of next year. As Nabiullina specified, to return to this level, the Central Bank will need a longer period of maintaining moderately tight monetary conditions