economy

April 17, 2026

IN BRIEF: Interest rates, fiscal rule discussed at Moscow Exchange Forum 2026

Governor of the Bank of Russia Elvira Nabiullina said the Russian economy faced the workforce shortage "for the first time in modern history"

IN BRIEF: Interest rates, fiscal rule discussed at Moscow Exchange Forum 2026

TL;DR

  • The Russian economy is experiencing a workforce shortage for the first time in modern history.
  • The Bank of Russia does not prioritize achieving a 4% inflation target at any cost in 2026.
  • The regulator intends to end a period of high inflation this year.
  • The Russian government is not considering abandoning the fiscal rule mechanism but plans revisions.
  • Budget deficit in Q1 2026 is not a concern and is expected to improve.
  • Predictability of the currency rate and economic actors' actions is a priority.
  • The currency rate is expected to be stronger than many anticipate.
  • Interest rates in Russia will decline gradually.

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