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The central bank allowed an increase in the short-term neutral key rate




MOSCOW, June 11 – PRIME. The Bank of Russia admitted that the short-term neutral key rate could be higher than 5-6%, said the head of the regulator Elvira Nabiullina. The Bank of Russia sees an excess of the annual inflation rate over the forecast “As for the border of neutrality, this is a good question. : we defined neutrality as 5-6% in nominal terms in a situation where inflation is at our target of about 4% and, accordingly, output is at the potential level. This means 1-2% in real terms. But when we have inflation higher , the short-term neutral rate, of course, may be higher, it may be higher than this rate, “she said during a press conference. “But our idea of ​​a long-term neutral rate has not changed, and it is rather difficult to assess the need for a change now,” added the head of the Central Bank of the Russian Federation. In addition, the head of the Central Bank commented on Putin’s proposal to extend the state program of preferential mortgages. Nabiullina called the initiative a balanced one. Nabiullina gave a forecast for inflation in Russia “The decision that is now proposed, in our opinion, is very balanced. What will this lead to? This will lead, of course, on the one hand, to the fact that … the effect on prices, on rush demand will be less , there will be some cooling. This means an exit from the program, which was considered as an anti-crisis. In our opinion, I will repeat once again how the anti-crisis program, preferential mortgage was very, very effective, but it is necessary to gradually and on time leave it, “she said … According to Nabiullina, the exit from such a program cannot be carried out abruptly, so as not to provoke a sharp change in conditions and “already a little overheated” demand. “But, nevertheless, for example, a decrease in the maximum loan amount to 3 million rubles, in our opinion, will reduce such a rush demand in the largest cities … And an increase in the preferential rate to 7%, nevertheless, will bring the rate closer to the market level, which It is also very important. And it is also important in this decision that targeted support measures for young families will be expanded, and this will also allow supporting the mortgage market, “she concluded. See also: The Bank of Russia is ready to tighten control over the issuance of loans to citizens

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