Elvira Nabiullina, Governor of the Bank of Russia, addressed a joint meeting of the State Duma's dedicated committees, presenting the Bank's 2024 Annual Report. Nabiullina emphasized the importance of collaboration, saying, "I strongly support the invitation of Government representatives to the meetings reviewing the Annual Report. Our close collaboration is really efficient, which directly influences the results."
She touched on the economic growth observed in 2024 and early 2025, attributing it to government demand. A strong corporate investment climate was evident, with corporate lending expanding by ₽13 trillion over the past year, largely for investment and housing construction projects.
Nabiullina highlighted the challenges of managing inflation, which prompted the Bank to raise the key rate to 21% per annum. "Inflation will continue to slow down during the coming months and, according to our estimate, will return to normal by the end of the year," she noted. Despite a declining inflation rate, she cautioned against premature rate cuts: "Cutting the key rate while ignoring high inflation would involve negative consequences."
On financial stability, she assured, "The banking system remains stable and resilient, despite the sanctions enacted last year." Nabiullina also expressed intentions to further develop financial market infrastructure, citing the Long-term Savings Programme as a key initiative.
Addressing consumer protection and anti-fraud measures, she acknowledged improvements due to legislative amendments and highlighted the need for higher fines on banks engaging in unfair practices. On fraud prevention, Nabiullina mentioned that banks have been effectively using the two-day cooling-off period for suspicious transfers.
Nabiullina closed by emphasizing the Bank's coordination with the Government, stating, "We continuously exchange our assessments of the current economic situation, data and plans, so as to avoid blind spots in decision-making."
She concluded her speech by expressing readiness to engage with questions from the meeting attendees.