|
A
surprise appointment in 2013, 58-year-old Nabiullina, an
economist and former advisor to Putin, is the first woman to
chair one of Russia's most respected institutions.
Her current term ends in June and on Friday Putin asked the
Lower House of Parliament, or Duma, to consider his
re-appointment proposal on March 21.
"Now, when the central bank is facing a growing responsibility
to maintain macroeconomic stability, the president regularly
speaks to Nabiullina," Peskov told reporters on a daily call.
Nabiullina is a committed inflation fighter, resisting calls
from powerful industrialists and the Economy Ministry for
interest rate cuts to revive growth.
The bank held its key interest rate at 20% on Friday after a
sharp emergency hike in late February. Nabiullina is due give a
monetary policy statement at 1400 GMT, without taking questions.
"Reappointment removes unnecessary questions from different
'groups of influence'," said Dmitry Polevoy, investment director
at Locko Invest.
"Obviously, in the current environment, the economy would need a
stimulating monetary policy which will further impact the
trajectory of the key rate. But it seems that there will be no
radical change in the approach given Nabiullina's
re-appointment."
The central bank raised its key rate from 9.5% on Feb. 28 as the
rouble crashed to record lows and people rushed to withdraw
money from banks following an unprecedented barrage of Western
sanctions against Russia for what it calls a "special military
operation" in Ukraine.
"The Russian economy is entering a large-scale structural
transformation phase, which will be accompanied by a temporary
but inevitable period of increased inflation," the central bank
said on Friday.
An independent survey of analysts requested by the central bank
this month forecast inflation of 20% and an 8% economic
contraction this year while predicting the key interest rate
would average 18.9%.
The central bank did not provide inflation and economic growth
forecasts on Friday, only saying that gross domestic product
would reduce over the coming quarters and that it expects annual
inflation to return to its 4% target in 2024.
Before the wider military conflict between Russia and Ukraine
broke out in late February, the central bank had revised its
year-end inflation forecast to 5.0-6.0%, giving up earlier hopes
that it would ease to 4.0-4.5%.
Back then, it expected inflation to reach its 4% target in
mid-2023.
(Reporting by Reuters; editing by Tomasz Janowski, Kirsten
Donovan)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
