{"id":4328,"date":"2020-11-20T14:00:23","date_gmt":"2020-11-20T14:00:23","guid":{"rendered":"https:\/\/www.futuresandoptions.gr\/en\/?p=4328"},"modified":"2020-11-20T14:00:25","modified_gmt":"2020-11-20T14:00:25","slug":"elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook","status":"publish","type":"post","link":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/","title":{"rendered":"Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook"},"content":{"rendered":"\n<p>Statement by Ms\u00a0<a href=\"https:\/\/cbr.ru\/eng\/about_br\/nabiullinaes\/\">Elvira Nabiullina<\/a>, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September 2020.<\/p>\n\n\n\n<p>The\u00a0Bank of\u00a0Russia has\u00a0decided to\u00a0maintain the\u00a0key\u00a0rate at\u00a04.25% per\u00a0annum.<\/p>\n\n\n\n<p><strong>Why&nbsp;have we&nbsp;made this decision, although we&nbsp;do&nbsp;see&nbsp;room to&nbsp;further ease monetary policy under the&nbsp;baseline scenario?<\/strong><\/p>\n\n\n\n<p><strong>Firstly, in&nbsp;recent months inflation has&nbsp;been slightly higher than expected.&nbsp;<\/strong>This trend has&nbsp;been driven by&nbsp;both a&nbsp;rapid revival of&nbsp;consumer demand after the&nbsp;lockdown period and&nbsp;the&nbsp;weakening of&nbsp;the&nbsp;ruble in&nbsp;July&nbsp;&#8211; August. We&nbsp;estimate that short-term proinflationary risks have slightly risen again, while disinflationary risks somewhat decreased. However, disinflationary risks still prevail in&nbsp;the&nbsp;medium&nbsp;run.<\/p>\n\n\n\n<p><strong>Secondly, the&nbsp;external environment has&nbsp;become more volatile.<\/strong>&nbsp;There are&nbsp;rising concerns about the&nbsp;pace and&nbsp;sustainability of&nbsp;the&nbsp;recovery in&nbsp;the&nbsp;global economy, especially considering that in&nbsp;recent weeks the&nbsp;pandemic situation has&nbsp;worsened to&nbsp;a&nbsp;certain extent in&nbsp;a&nbsp;number of&nbsp;countries. Geopolitical risks have intensified.<\/p>\n\n\n\n<p>Moreover, we&nbsp;also considered the&nbsp;following factors when making our&nbsp;decisions.<\/p>\n\n\n\n<p><strong>Inflation expectations remain elevated, affected by&nbsp;price and&nbsp;exchange rate movements and&nbsp;the&nbsp;persistent uncertainty over further developments.<\/strong><\/p>\n\n\n\n<p>The&nbsp;companies we&nbsp;survey are&nbsp;reporting rises in&nbsp;costs due&nbsp;to&nbsp;higher input prices. Moreover, they incur extra costs since they need to&nbsp;comply with the&nbsp;sanitary and&nbsp;epidemiological requirements. Concurrently, businesses assess demand for&nbsp;their products as&nbsp;weak. This limits their capacity to&nbsp;pass through increasing costs to&nbsp;end&nbsp;product prices. However, as&nbsp;demand bounces back, this pass-through may&nbsp;occur. And&nbsp;so&nbsp;businesses&#8217; price expectations may&nbsp;also increase.<\/p>\n\n\n\n<p>As&nbsp;regards households&#8217; inflation expectations, in&nbsp;August we&nbsp;were able to&nbsp;resume our&nbsp;regular monthly surveys. Today, we&nbsp;have the&nbsp;opportunity to&nbsp;comprehensively assess new&nbsp;survey results, comparing them with pre-pandemic data. Households&#8217; inflation expectations have certainly risen, specifically by&nbsp;one&nbsp;percentage point against March. However, I&nbsp;should stress that their response to&nbsp;the&nbsp;drastic change in&nbsp;the&nbsp;situation this year has&nbsp;turned out&nbsp;to&nbsp;be&nbsp;much less intense than before. This evidences that they are&nbsp;more anchored since inflation has&nbsp;been staying at&nbsp;its&nbsp;record lows over recent years.<\/p>\n\n\n\n<p>I&nbsp;would like to&nbsp;emphasise that this stronger anchoring of&nbsp;inflation expectations is&nbsp;exactly what enabled&nbsp;us&nbsp;to&nbsp;promptly shift to&nbsp;accommodative monetary policy, significantly cut&nbsp;the&nbsp;key&nbsp;rate, and&nbsp;act&nbsp;countercyclically.<\/p>\n\n\n\n<p>However, what is&nbsp;the&nbsp;reason behind our&nbsp;concerns about the&nbsp;rise in&nbsp;inflation expectations? There is&nbsp;a&nbsp;risk that they may&nbsp;again stay elevated for&nbsp;a&nbsp;certain time, thus impeding a&nbsp;steady anchoring of&nbsp;inflation close to&nbsp;4%&nbsp;and&nbsp;affecting the&nbsp;flexibility of&nbsp;monetary policy further&nbsp;on.<\/p>\n\n\n\n<p><strong>Monetary conditions continue to&nbsp;adjust to&nbsp;the&nbsp;earlier significant key&nbsp;rate reduction.<\/strong><\/p>\n\n\n\n<p>Interest rates in&nbsp;the&nbsp;credit market are&nbsp;going down, with lending amounts having considerably expanded. Owing to&nbsp;financial stability in&nbsp;the&nbsp;banking sector, the&nbsp;key&nbsp;rate decrease has&nbsp;quickly and&nbsp;successfully translated into the&nbsp;easing of&nbsp;monetary conditions and&nbsp;supported the&nbsp;economy, despite higher credit risks. Unlike the&nbsp;previous crisis periods, this year we&nbsp;have managed to&nbsp;prevent a&nbsp;contraction in&nbsp;lending.<\/p>\n\n\n\n<p>In&nbsp;addition to&nbsp;the&nbsp;key&nbsp;rate cuts, lending is&nbsp;also promoted by&nbsp;the&nbsp;regulatory easing and&nbsp;other measures implemented by&nbsp;the&nbsp;Bank of&nbsp;Russia. The&nbsp;preferential programmes launched by&nbsp;the&nbsp;Government are&nbsp;another important contributor to&nbsp;the&nbsp;easing of&nbsp;monetary conditions. In&nbsp;particular, preferential lending accounts for&nbsp;nearly one-fourth of&nbsp;new&nbsp;loans granted in&nbsp;recent months to&nbsp;small and&nbsp;medium-sized enterprises and&nbsp;about one-half of&nbsp;new&nbsp;mortgage loans.<\/p>\n\n\n\n<p>Nonetheless, the\u00a0anti-crisis support measures implemented by\u00a0the\u00a0Government and\u00a0the\u00a0Bank of\u00a0Russia will be\u00a0gradually terminated. We\u00a0also take into account that it\u00a0is\u00a0essential to\u00a0maintain accommodative monetary conditions next year in\u00a0order to\u00a0stabilise inflation close to\u00a04%\u00a0over the\u00a0forecast horizon.<\/p>\n\n\n\n<p>When making our&nbsp;decisions on&nbsp;the&nbsp;key&nbsp;rate, we&nbsp;also estimate how&nbsp;saving behaviour is&nbsp;adjusting to&nbsp;lower interest rates in&nbsp;the&nbsp;financial market. We&nbsp;are&nbsp;aware that in&nbsp;this case financial institutions, companies and&nbsp;households need time to&nbsp;adjust to&nbsp;the&nbsp;new&nbsp;conditions. This is&nbsp;especially relevant since the&nbsp;pandemic, declining incomes and&nbsp;higher uncertainty may&nbsp;dramatically alter consumption and&nbsp;saving models.<\/p>\n\n\n\n<p>Seeking higher returns, individuals are&nbsp;increasing demand for&nbsp;various instruments in&nbsp;the&nbsp;financial market. For&nbsp;instance, we&nbsp;can&nbsp;already observe an&nbsp;increase in&nbsp;bond investments and&nbsp;an&nbsp;overall surge in&nbsp;households&#8217; activity in&nbsp;the&nbsp;stock market. This trend in&nbsp;itself has&nbsp;no&nbsp;significant impact on&nbsp;the&nbsp;efficiency of&nbsp;monetary policy because the&nbsp;transmission mechanism is&nbsp;equally functioning through the&nbsp;securities market as&nbsp;well. We&nbsp;believe it&nbsp;essential that these changes in&nbsp;saving models do&nbsp;not&nbsp;entail any&nbsp;significant rise in&nbsp;risks for&nbsp;households, businesses and&nbsp;financial institutions. Hence, pursuing our&nbsp;monetary policy, we&nbsp;factor in&nbsp;that this adjustment will be&nbsp;taking time.<\/p>\n\n\n\n<p><strong>As&nbsp;regards the&nbsp;economy, after the&nbsp;easing of&nbsp;the&nbsp;quarantine restrictions, economic activity has&nbsp;been reviving, although unevenly across different industries and&nbsp;regions.<\/strong><\/p>\n\n\n\n<p>A&nbsp;number of&nbsp;industries are&nbsp;managing to&nbsp;decrease the&nbsp;gap&nbsp;with pre-pandemic output levels faster than other sectors. This is&nbsp;evidenced by&nbsp;official statistics, our&nbsp;up-to-date results of&nbsp;financial flows monitoring and&nbsp;companies&#8217; surveys held by&nbsp;the&nbsp;Bank of&nbsp;Russia&#8217;s regional branches. Those industries that are&nbsp;primarily focused on&nbsp;consumer demand are&nbsp;bouncing back more quickly. Their recovery is&nbsp;being driven by&nbsp;both pent-up demand for&nbsp;goods that were unavailable over the&nbsp;quarantine period and&nbsp;the&nbsp;growth of&nbsp;expenses in&nbsp;the&nbsp;domestic market during the&nbsp;holiday period when possibilities to&nbsp;travel abroad are&nbsp;limited. Nonetheless, this is&nbsp;primarily related to&nbsp;goods. The&nbsp;service sector is&nbsp;still far&nbsp;from having fully recovered, being affected by&nbsp;post-quarantine restrictions and&nbsp;consumers&#8217; cautiousness.<\/p>\n\n\n\n<p>As&nbsp;regards the&nbsp;production of&nbsp;intermediate and&nbsp;export goods and&nbsp;their transportation, these industries are&nbsp;recovering more slowly. Weak external demand is&nbsp;a&nbsp;significant constraint on&nbsp;economic growth. Moreover, the&nbsp;momentum for&nbsp;the&nbsp;recovery in&nbsp;the&nbsp;global economy may&nbsp;be&nbsp;waning&nbsp;now.<\/p>\n\n\n\n<p>As&nbsp;a&nbsp;result of&nbsp;this heterogeneity, there may&nbsp;be&nbsp;significant differences in&nbsp;price dynamics in&nbsp;different industries and&nbsp;regions, both now&nbsp;and&nbsp;in&nbsp;future. This trend is&nbsp;clearly demonstrated by&nbsp;data on&nbsp;consumer inflation in&nbsp;summer.<\/p>\n\n\n\n<p>The&nbsp;return to&nbsp;potential in&nbsp;different product markets may&nbsp;occur at&nbsp;a&nbsp;different pace. For&nbsp;instance, in&nbsp;industries focused on&nbsp;domestic demand, this may&nbsp;be&nbsp;a&nbsp;faster process than in&nbsp;export industries; the&nbsp;recovery of&nbsp;the&nbsp;consumer-facing sector may&nbsp;be&nbsp;quicker than in&nbsp;the&nbsp;production of&nbsp;investment goods. Therefore, it&nbsp;is&nbsp;essential to&nbsp;consider not&nbsp;only the&nbsp;general output gap&nbsp;in&nbsp;the&nbsp;economy, that&nbsp;is, the&nbsp;deviation of&nbsp;output from its&nbsp;potential, but&nbsp;also the&nbsp;situation in&nbsp;individual sectors. If&nbsp;output in&nbsp;industries focused on&nbsp;domestic demand returns to&nbsp;its&nbsp;potential faster than generally across the&nbsp;economy, this will amplify overall inflationary pressure. We&nbsp;take this into account when analysing the&nbsp;economic situation and&nbsp;making key&nbsp;rate decisions.<\/p>\n\n\n\n<p>At&nbsp;present, the&nbsp;effects of&nbsp;deferred domestic demand have been considerably implemented and&nbsp;the&nbsp;overall recovery of&nbsp;the&nbsp;Russian economy is&nbsp;likely to&nbsp;continue at&nbsp;a&nbsp;more moderate pace. This year, both fiscal and&nbsp;monetary policies are&nbsp;contributing to&nbsp;the&nbsp;economic recovery. At&nbsp;the&nbsp;same time, while anti-crisis budget measures were particularly important during the&nbsp;period of&nbsp;restrictions and&nbsp;will be&nbsp;curtailed in&nbsp;future, accommodative monetary policy will continue to&nbsp;operate next year to&nbsp;support the&nbsp;Russian economy.<\/p>\n\n\n\n<p>I&nbsp;would also like to&nbsp;emphasise that both fiscal and&nbsp;monetary policies play a&nbsp;countercyclical role, that&nbsp;is, they address the&nbsp;issue of&nbsp;overcoming the&nbsp;downturn and&nbsp;bringing the&nbsp;economy back to&nbsp;its&nbsp;potential. This is&nbsp;certainly a&nbsp;top-priority task in&nbsp;the&nbsp;current situation, yet&nbsp;it&nbsp;is&nbsp;critical to&nbsp;remember what is&nbsp;absolutely essential for&nbsp;sustainable long-term development and&nbsp;an&nbsp;increase in&nbsp;economic potential, labour productivity&nbsp;and, accordingly, households&#8217; incomes. To&nbsp;tackle this task, we&nbsp;need incentives to&nbsp;increase private investments and&nbsp;develop private initiatives and&nbsp;should enhance the&nbsp;flexibility of&nbsp;the&nbsp;labour market, which primarily depends on&nbsp;the&nbsp;business climate and&nbsp;other structural factors.<\/p>\n\n\n\n<p><strong>The&nbsp;level of&nbsp;our&nbsp;economic potential after the&nbsp;pandemic and&nbsp;how&nbsp;quickly the&nbsp;economy will regain it&nbsp;are&nbsp;crucial for&nbsp;both our&nbsp;macroeconomic forecast and&nbsp;monetary policy.&nbsp;<\/strong>As&nbsp;you&nbsp;know, this uncertainty of&nbsp;supply- and&nbsp;demand-side factors is&nbsp;a&nbsp;key&nbsp;point in&nbsp;our&nbsp;forecast scenarios. They are&nbsp;presented in&nbsp;the&nbsp;draft Monetary Policy Guidelines for&nbsp;2021-2023&nbsp;published last week. We&nbsp;are&nbsp;going to&nbsp;update our&nbsp;forecast estimates following the&nbsp;Board of&nbsp;Directors&#8217; meeting scheduled for&nbsp;October. Yet, our&nbsp;approaches to&nbsp;the&nbsp;set&nbsp;of&nbsp;scenarios and&nbsp;key&nbsp;forecast assumptions in&nbsp;the&nbsp;scenarios will remain unchanged.<\/p>\n\n\n\n<p><strong>Winding up, I\u00a0would like to\u00a0make my\u00a0traditional comments on\u00a0monetary policy prospects.<\/strong>\u00a0The\u00a0main path of\u00a0the\u00a0<a href=\"https:\/\/www.futuresandoptions.gr\/en\/statement-by-philip-lowe-rba-governor-monetary-policy-decision-aud\/\">monetary policy<\/a> easing has\u00a0already been passed\u00a0&#8211; since June 2019, the\u00a0key\u00a0rate has\u00a0decreased by\u00a0350\u00a0basis points, including by\u00a0200\u00a0basis points this year, to\u00a0reach its\u00a0record\u00a0low. We\u00a0still see\u00a0some room for\u00a0reducing the\u00a0key\u00a0rate, but\u00a0we\u00a0will consider the\u00a0necessity to\u00a0use\u00a0this room and\u00a0the\u00a0time when this should be\u00a0done.<\/p>\n\n\n\n<p>As&nbsp;shown in&nbsp;the&nbsp;Monetary Policy Guidelines, both under the&nbsp;baseline and&nbsp;alternative scenarios, the&nbsp;Bank of&nbsp;Russia will be&nbsp;capable to&nbsp;tackle the&nbsp;task of&nbsp;maintaining price stability, that&nbsp;is, keeping inflation at&nbsp;our&nbsp;target close to&nbsp;4%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September 2020<\/p>\n","protected":false},"author":2,"featured_media":4329,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1163,14,32],"tags":[1099,1183,558,873],"class_list":["post-4328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-banks","category-financial-news","category-world","tag-bank-of-russia","tag-elvira-nabiullina","tag-interest-rates","tag-monetary-policy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook -<\/title>\n<meta name=\"description\" content=\"Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook -\" \/>\n<meta property=\"og:description\" content=\"Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/\" \/>\n<meta property=\"og:site_name\" content=\"Futures and Options\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-20T14:00:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-20T14:00:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2020\/11\/Elvira-Nabiullina.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"286\" \/>\n\t<meta property=\"og:image:height\" content=\"176\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"pnik\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"pnik\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/\",\"url\":\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/\",\"name\":\"Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook -\",\"isPartOf\":{\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2020\/11\/Elvira-Nabiullina.jpg\",\"datePublished\":\"2020-11-20T14:00:23+00:00\",\"dateModified\":\"2020-11-20T14:00:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/#\/schema\/person\/e724181c2b6dddb5e6c826e406faac26\"},\"description\":\"Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September\",\"breadcrumb\":{\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#primaryimage\",\"url\":\"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2020\/11\/Elvira-Nabiullina.jpg\",\"contentUrl\":\"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2020\/11\/Elvira-Nabiullina.jpg\",\"width\":286,\"height\":176,\"caption\":\"Elvira Nabiullina Bank of Russia\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.futuresandoptions.gr\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/#website\",\"url\":\"https:\/\/www.futuresandoptions.gr\/en\/\",\"name\":\"Futures and Options\",\"description\":\"Serving Intelligent Investors\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.futuresandoptions.gr\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.futuresandoptions.gr\/en\/#\/schema\/person\/e724181c2b6dddb5e6c826e406faac26\",\"name\":\"pnik\",\"url\":\"https:\/\/www.futuresandoptions.gr\/en\/author\/pnik\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook -","description":"Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/","og_locale":"en_US","og_type":"article","og_title":"Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook -","og_description":"Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September","og_url":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/","og_site_name":"Futures and Options","article_published_time":"2020-11-20T14:00:23+00:00","article_modified_time":"2020-11-20T14:00:25+00:00","og_image":[{"width":286,"height":176,"url":"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2020\/11\/Elvira-Nabiullina.jpg","type":"image\/jpeg"}],"author":"pnik","twitter_card":"summary_large_image","twitter_misc":{"Written by":"pnik","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/","url":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/","name":"Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook -","isPartOf":{"@id":"https:\/\/www.futuresandoptions.gr\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#primaryimage"},"image":{"@id":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#primaryimage"},"thumbnailUrl":"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2020\/11\/Elvira-Nabiullina.jpg","datePublished":"2020-11-20T14:00:23+00:00","dateModified":"2020-11-20T14:00:25+00:00","author":{"@id":"https:\/\/www.futuresandoptions.gr\/en\/#\/schema\/person\/e724181c2b6dddb5e6c826e406faac26"},"description":"Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 18 September","breadcrumb":{"@id":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#primaryimage","url":"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2020\/11\/Elvira-Nabiullina.jpg","contentUrl":"https:\/\/www.futuresandoptions.gr\/en\/wp-content\/uploads\/2020\/11\/Elvira-Nabiullina.jpg","width":286,"height":176,"caption":"Elvira Nabiullina Bank of Russia"},{"@type":"BreadcrumbList","@id":"https:\/\/www.futuresandoptions.gr\/en\/elvira-nabiullina-review-of-recent-inflation-developments-in-russia-and-economic-outlook\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.futuresandoptions.gr\/en\/"},{"@type":"ListItem","position":2,"name":"Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook"}]},{"@type":"WebSite","@id":"https:\/\/www.futuresandoptions.gr\/en\/#website","url":"https:\/\/www.futuresandoptions.gr\/en\/","name":"Futures and Options","description":"Serving Intelligent Investors","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.futuresandoptions.gr\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.futuresandoptions.gr\/en\/#\/schema\/person\/e724181c2b6dddb5e6c826e406faac26","name":"pnik","url":"https:\/\/www.futuresandoptions.gr\/en\/author\/pnik\/"}]}},"_links":{"self":[{"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/posts\/4328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/comments?post=4328"}],"version-history":[{"count":1,"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/posts\/4328\/revisions"}],"predecessor-version":[{"id":4330,"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/posts\/4328\/revisions\/4330"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/media\/4329"}],"wp:attachment":[{"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/media?parent=4328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/categories?post=4328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.futuresandoptions.gr\/en\/wp-json\/wp\/v2\/tags?post=4328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}