Low inflation is more important than affordable loansThe head of the Central Bank Elvira Nabiullina did not succumb to the appeals of deputies sharply lower the key rate.The
head of the Central Bank of the Russian Federation Elvira Nabiullina
reported on Tuesday by the State Duma on its work in 2015. Judging by the tone of the speech, the current head of the main bank of the country feels to hold the post of quite confident."The Russian economy has shown the ability to adapt, and not passive. Many sectors were able to show growth against the backdrop of
deteriorating conditions, while there are companies that are taking
advantage of new opportunities and show potential for development ", -
said the deputies Nabiullina, simultaneously pointing to already set the
teeth on edge over the" need for structural reforms. "
In the report, the action of the Central Bank leadership in the past year are evaluated positively. In it, in particular, noted that the transition to the regime of freely floating exchange rate allowed housekeeper to adapt to changing external conditions and created the preconditions for increasing the independence of monetary policy.
The Central Bank pleased that they were able to prevent excessive fluctuations in the ruble exchange rate, increase the share of monetary gold as an asset to 100%, to withdraw from the market "unfair and unsustainable organization" (in particular, licenses lost 93 Bank), run the national payment system and etc.Separately Nabiullina reassured MP said that reckless emission of the country is no one's going to hold. "We have managed to maintain confidence in the financial system and now frightening market limit the movement of capital or start-up of the printing press are not taken seriously", - said the head of the Central Bank.Nabiullina has decided to seriously focus on the fight against inflation, which decrease it seems one of the main conditions for economic growth. The Central Bank expects that by the end of 2017 the country's inflation rate will fall to 4%. "The Bank of Russia lowers inflation not at any price, and takes into account the situation in the economy, considering the financial stability issues in decision-making", - said Nabiullina.
The head of the State Duma's Budget and Taxes Committee Andrey Makarov hastened to assure colleagues that the "unattainable ideal" in a specified inflation rate "is becoming a reality."The joy of the head of the Central Bank, and United Russia refused to split the deputies from other Duma factions. "Propelled by the thesis of low inflation as a condition for economic growth is not convincing. Today, the company is difficult to plan their activities ", - said the communist Boris Kashin.The main problem of the monetary policy authorities MPs consider expensive loans, which do not allow to invest in Russian plants, while the banks themselves "swim" in the money issued by the state as part of their capitalization, as well as raised on deposits of the population."How can we with a key rate of 10.5% to do business?" - Was indignant MP from the Communist Party, Nikolai Kolomeytsev. "How much money have you spent on the reorganization of banks and how many came to the real sector?" - He echoed the Liberal Democrat Sergey Katasonov. Other MPs asked not be better to abandon the pursuit of an illusory "low inflation" and give cheap loans to enterprises.
All these questions Nabiullina responded that the Central Bank wants to make a bet on the availability of credit, but "not at the cost of inflation." She recalled that the key rate was reduced five times in the past year - from 17% to 11% at the beginning of the year in August. "Consistently low inflation is necessary so that people can plan their budgets and business - investment in production. The current inflation rate of 7% - this is a lot, she eats incomes in these conditions will not be simple "long money", - Nabiullina admonished MPs.Around the same spirit she was responsible for other claims relating to the recapitalization of the banking sector and of the refusal to oblige exporters to sell foreign exchange earnings. Thus, the "SR" Mikhail Serdyuk drew attention to the fact that the program recapitalization of the banking sector to the enterprises themselves came just over four per cent of all funds allocated. "The rest of the money went to the refinancing of banks and the decision of indirect tasks. And often not supported by the banks themselves, and their owners ", - said the deputy.However, Nabiullina said that the recapitalization program considers "effective". "It is possible to create sufficient capital for financing the real sector continued", - the head of the Central Bank dcherknula.
While United Russia expressed support for the policy of the Central Bank, representatives of other Duma factions have admitted that they are not satisfied with the monetary policy of the authorities. "Two dozen tenacious liberal economists firmly hold the entire financial system of the country" - lamented the Communist Kashin. "Eser" Mikhail Emelyanov said that the failure of the Central Bank to lower its key rate to provoke a recession. "Height does not start due to expensive loans. In the banking sector began to accumulate free liquidity, and businesses do not have the possibility to raise funds ", - said the deputy. He believes that fears about the risk of inflation acceleration, argued that the reluctance to reduce sharply, "exaggerated"."Bankers zhiruyut", and the Central Bank is working under the supervision of the IMF, I am convinced, in turn, LDPR leader Vladimir Zhirinovsky. "At 90 billion dollars it bought US bonds - our potential enemy. What for? Banks deny the license - the right, but who is to blame, that so many of them have opened? Who are these bankers, whose investors are now lost their savings? I do not think about the responsibility it is time? In addition, where more than $ 150 billion of reserves have been spent in two years? We'll get a report? "- Zhirinovsky showered with questions, answers to which he never received.
In the report, the action of the Central Bank leadership in the past year are evaluated positively. In it, in particular, noted that the transition to the regime of freely floating exchange rate allowed housekeeper to adapt to changing external conditions and created the preconditions for increasing the independence of monetary policy.
The Central Bank pleased that they were able to prevent excessive fluctuations in the ruble exchange rate, increase the share of monetary gold as an asset to 100%, to withdraw from the market "unfair and unsustainable organization" (in particular, licenses lost 93 Bank), run the national payment system and etc.Separately Nabiullina reassured MP said that reckless emission of the country is no one's going to hold. "We have managed to maintain confidence in the financial system and now frightening market limit the movement of capital or start-up of the printing press are not taken seriously", - said the head of the Central Bank.Nabiullina has decided to seriously focus on the fight against inflation, which decrease it seems one of the main conditions for economic growth. The Central Bank expects that by the end of 2017 the country's inflation rate will fall to 4%. "The Bank of Russia lowers inflation not at any price, and takes into account the situation in the economy, considering the financial stability issues in decision-making", - said Nabiullina.
The head of the State Duma's Budget and Taxes Committee Andrey Makarov hastened to assure colleagues that the "unattainable ideal" in a specified inflation rate "is becoming a reality."The joy of the head of the Central Bank, and United Russia refused to split the deputies from other Duma factions. "Propelled by the thesis of low inflation as a condition for economic growth is not convincing. Today, the company is difficult to plan their activities ", - said the communist Boris Kashin.The main problem of the monetary policy authorities MPs consider expensive loans, which do not allow to invest in Russian plants, while the banks themselves "swim" in the money issued by the state as part of their capitalization, as well as raised on deposits of the population."How can we with a key rate of 10.5% to do business?" - Was indignant MP from the Communist Party, Nikolai Kolomeytsev. "How much money have you spent on the reorganization of banks and how many came to the real sector?" - He echoed the Liberal Democrat Sergey Katasonov. Other MPs asked not be better to abandon the pursuit of an illusory "low inflation" and give cheap loans to enterprises.
All these questions Nabiullina responded that the Central Bank wants to make a bet on the availability of credit, but "not at the cost of inflation." She recalled that the key rate was reduced five times in the past year - from 17% to 11% at the beginning of the year in August. "Consistently low inflation is necessary so that people can plan their budgets and business - investment in production. The current inflation rate of 7% - this is a lot, she eats incomes in these conditions will not be simple "long money", - Nabiullina admonished MPs.Around the same spirit she was responsible for other claims relating to the recapitalization of the banking sector and of the refusal to oblige exporters to sell foreign exchange earnings. Thus, the "SR" Mikhail Serdyuk drew attention to the fact that the program recapitalization of the banking sector to the enterprises themselves came just over four per cent of all funds allocated. "The rest of the money went to the refinancing of banks and the decision of indirect tasks. And often not supported by the banks themselves, and their owners ", - said the deputy.However, Nabiullina said that the recapitalization program considers "effective". "It is possible to create sufficient capital for financing the real sector continued", - the head of the Central Bank dcherknula.
While United Russia expressed support for the policy of the Central Bank, representatives of other Duma factions have admitted that they are not satisfied with the monetary policy of the authorities. "Two dozen tenacious liberal economists firmly hold the entire financial system of the country" - lamented the Communist Kashin. "Eser" Mikhail Emelyanov said that the failure of the Central Bank to lower its key rate to provoke a recession. "Height does not start due to expensive loans. In the banking sector began to accumulate free liquidity, and businesses do not have the possibility to raise funds ", - said the deputy. He believes that fears about the risk of inflation acceleration, argued that the reluctance to reduce sharply, "exaggerated"."Bankers zhiruyut", and the Central Bank is working under the supervision of the IMF, I am convinced, in turn, LDPR leader Vladimir Zhirinovsky. "At 90 billion dollars it bought US bonds - our potential enemy. What for? Banks deny the license - the right, but who is to blame, that so many of them have opened? Who are these bankers, whose investors are now lost their savings? I do not think about the responsibility it is time? In addition, where more than $ 150 billion of reserves have been spent in two years? We'll get a report? "- Zhirinovsky showered with questions, answers to which he never received.
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