Nabiullina noted the effective operation of the key rate of the Central Bank of the Russian Federation

The key rate of the Central Bank of the Russian Federation works effectively, restrains excessive demand and high credit growth. This was announced on December 2 by the head of the financial regulator, Elvira Nabiullina, at the Russia Is Calling! forum.

"If we talk about the effectiveness of the key rate, the data show that it works. It effectively restrains excessive demand and excessive lending," Nabiullina said.

She also pointed to a significant increase in investments compared to 2021. The head of the Central Bank added that in five months of reducing the key interest rate, corporate loans have added 5.8 trillion rubles.

"It is very important to concentrate support resources here, the government uses them very actively, not to support low—profit, low-efficiency industries that are in a difficult situation, but really to support what gives an increase in potential and productivity," Nabiullina concluded.

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On the same day, Nabiullina suggested that all business problems should not be reduced solely to the size of the key rate. According to her, businesses should feel the benefits of both low interest rates and a low growth rate of any costs.

Prior to that, on December 1, Nabiullina said that the Central Bank of the Russian Federation was constantly in contact with Russian businesses, which helped the regulator make timely changes to its policy, focusing on new trends, as well as making informed decisions. According to her, before each decision related to the key rate, the board of directors of the regulator analyzes all available data on the situation in the regions and in different areas.

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