Nabiullina: Predictability of Exchange Rate is More Important for Businesses than Its Level

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Predictability of the exchange rate is more important for Russian companies than its level, stated the head of the Central Bank of Russia, Elvira Nabiullina, at the State Duma.

"High ruble interest rates mean higher demand for imports. Secondly, the ruble, as a means of saving, becomes more attractive to the population. The strengthening of the ruble is one of the channels through which the interest rate slows down inflation. If this channel is removed, the key rate should be higher. Another factor - we need to take into account for assessing both the current situation and the future - we are increasingly focusing on the development of internal resources in the economy. We have more restrictions on imports, external and internal barriers. We communicate with enterprises, and they say that for them, it is not so much the level of the exchange rate that is important, of course, exporters are concerned about the level of the exchange rate, but the predictability and stability of the exchange rate are important. The stability of the exchange rate is achieved precisely by low inflation," said Nabiullina.

At the State Duma, a plenary session is being held, during which the Chairman of the Central Bank of Russia, Elvira Nabiullina, presented a report titled "On the Main Directions of the Unified State Monetary Policy for 2026 and the Period of 2027 and 2028."