Nabiullina called macroeconomic stability a foundation for development

Macroeconomic stability is the foundation for development, because you cannot start building a house from the roof. This was stated by the head of the Central Bank (CBR) of Russia Elvira Nabiullina at the VTB forum "Russia Calling!".

"I will again return to the topic of macro stability. This is the foundation <...> without which further development is impossible. It is like starting to build a house from the roof, or if the foundation is washed away, the presence of a roof saves until the first breeze blows," Nabiullina said.

She noted that macroeconomic stability is a really important thing, including for investors, who appreciate it very much.

The head of the Central Bank added that if inflation remains at a high level and will be taken into account in the business models of companies for a long time, the economy may fall into a vicious circle: investors will overestimate the necessary level of interest rates.

Earlier, on November 15, Kremlin spokesman Dmitry Peskov said that Russia is taking measures to ensure macroeconomic stability. The result that these measures bring is also being closely monitored. The presidential administration, according to Peskov, is monitoring the dynamics of the economy.

Before that, on October 25, the Central Bank of Russia raised the key rate to a record high of 21%. The regulator explained that the reason for this step was high inflation, the level of which exceeds the July forecasts of the Central Bank.

On that day, analysts admitted that the regulator may increase the key rate to 22-23% by the end of December. According to experts, this tough signal of the Central Bank of Russia may lead to a continued increase in loan rates and deposit yields.