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Elvira Nabiullina

Governor, Bank of Russia (Central Bank of the Russian Federation)

Search every verified Elvira Nabiullina interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Elvira Nabiullina, Governor of the Bank of Russia, announced on September 11, 2026, that the central bank decided to hold the key rate at 14% per annum. She attributed the summer acceleration in price growth primarily to the fuel market, describing it as a one-off factor that is nonetheless affecting prices for a broader range of goods and services. Nabiullina stated that the Bank of Russia requires more data to assess the magnitude and duration of these effects on underlying inflation, and noted that fiscal policy parameters, expected to be updated by the end of September, are an important consideration for monetary policy. At the July 24, 2026, Board of Directors meeting, Nabiullina announced a cut in the key rate from 14.25% to 14%, describing the observed acceleration of price growth as temporary and assessing underlying inflation measures in the range of 4–5%. She said the central bank had revised its key rate path for 2026 and 2027 upwards due to a more expansionary fiscal policy stance and elevated inflation expectations. Nabiullina also stated that the central bank does not consider raising the inflation target, arguing that doing so would raise market rates and undermine credibility in inflation targeting, while saying that only a reduction of the target could be considered in the future. She addressed the impact of external factors, including shipping restrictions and drone attacks on fuel infrastructure, on inflation, and said the insurance sector has sufficient resilience without additional support measures.

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Notable quotes

“We do not consider the possibility of raising the inflation target thinking that it is going to be particularly detrimental and harmful. Those who propose this believe that the rates are going to go down because of it. But on the contrary, they're going to only go up and the credit availability and affordability will decrease and that would mean a higher premium and so the rates are not going to be moderate. Actually”

“The summer acceleration in price growth was mainly attributable to the situation in the fuel market. It is a one-off factor per se. However, it is affecting prices for a wider range of goods and services. Inflation expectations stay high as well. The Bank of Russia will need more data to assess the magnitude and duration of these effects and their impact on underlying inflation. Furthermore, fiscal policy parameters ”

“We consider that in the future it would be only possible to consider bringing the inflation target down. We don't look at it as raising it because everybody's going to lose from it. It's an illusion that the rates are going to go down as the result of it being brought up. If we raise the target, the rates will only follow suit. The market rates will only follow in this wake. So we consider that it is very detrimental”

“Today, we have made the decision to cut the key rate to 14% per annum. We consider the observed acceleration of price growth to be temporary. We still assess underlying measures of inflation in the range of four to 5%.”

“С учётом новых вводных по бюджету и вероятных вторичных эффектов от произошедшего роста цен, требуется более высокая траектория ключевой ставки. Её диапазон на текущий год повышен до 14,5-14,6%, на следующий до 10,5-12,5%.”

“Мы считаем возможным в будущем рассматривать только его понижение. Мы не рассматриваем его повышение, потому что, на наш взгляд, от повышения таргета все проиграют. Это иллюзия, что от этого снизятся ставки. Если мы повысим таргет, то ставки только повысятся. Рыночные ставки только повысятся. Поэтому считаем, что для экономики это вредно. Кроме того, постоянный пересмотр, возможный пересмотр таргета из-за того, что в”

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