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Nabiullina's CBR Presser: Focus on Stability & Phased MOEX Reopening

  • Nabiullina held possibly the shortest presser in recent years of just under 15 minutes, and fell short of resignation as many had speculated she might in response to the war in Ukraine.
  • She noted that the CBR’s emergency hike and capital controls had brough stability to Russian markets and repo facilities had kept adequate liquidity, but that uncertainties regarding payments, growth and inflation remained. New forecasts will be presented in April once the bank has greater visibility on incoming data.
  • Nabiullina said that the MOEX would see a phased reopening with OFZ trading resuming on Monday, and stocks potentially in the near-term. Also said the CBR would purchase OFZs to maintain market stability and liquidity.
  • Nabiullina noted that the CBR would also sell entire OFZ portfolio to neutralise the effects on monetary policy once the situation has stabilised. She said bank was working with government to provide support for small businesses and corporates, but acknowledged that financial conditions would tighten going ahead.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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