The Government works closely with the Central Bank to address the challenge of controlling inflation. The Minister for Economic Development of the Russian Federation, Maxim Rechetnikov, stated this at the meeting of the State Duma, which considered the Basic Directions for the Unified State Monetary Policy (CCA) for 2025 and the period 2026 and 2027.

" In the fight against inflation, it is essential that the monetary methods implemented by the Central Bank be complemented by the Government ' s non-monetary measures, as in recent years when we have effectively complemented each other " , he emphasized.

The Minister explained that non-monetary measures included measures to increase supply in the market, including customs and tariff control measures, as well as long-term instruments, concessional loans and subsidies.

Another non-monetary policy, he said, was the development of competition. “If our markets are competitive, the increase in demand will result in increased supply. And if there is a monopoly, any increase in demand is usually price increases. Therefore, the development of competition is crucial, " confirmed by the head of the agency.

Maxim Rechetnikov identified two key areas of joint work with the Bank of Russia.

First, it was agreed to exchange information on the implementation of existing concessional programmes, prioritizing and improving the targeting of new support measures. A separate task that is now being addressed is the equitable distribution of interest risk by concessional programmes, given that, under some programmes, all risks are taken to the federal budget.

Secondly, the investment programmes of the State and the natural monopolies should be studied with a view to enhancing the effectiveness of the investment programmes, and the head of the Ministry of Economic Development continued. According to him, the sector ' s share had increased, with limited resources, borrowing had resulted in the redistribution of loans from the food industry, APC, engineering, tourism to the public sector. " We have agreed to carefully review and work on optimizing the investment programmes of natural monopolies by maximizing and prioritizing projects " , he emphasized.

However, there are resources to increase efficiency in private business, I'm sure the Minister. " Cyphology, productivity, non-proprietary assets, etc. Business, as we can see, is very active now. The panels are already optimizing investment programmes and production programmes, which they have confirmed.

In sum, Maxim Rechetnikov emphasized that it was very important to begin to mitigate monetary policy in time. " In the end, when the situation is stabilized and the market situation will enable us to grow so that the business will maintain that potential and be ready for growth. The Central Bank and I are working in the most intense contact and understand that the task of combating inflation is the joint task of the Bank of Russia and the Government. "

The President of the Bank of Russia, Elvir Nabiullin, presented the main lines of a unified State monetary policy. The Minister of Finance of the RF Anton Silwan also participated in the meeting of the State Duma.

Source: www.economy.gov.ru
Source: freepik.com

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