Companies proposed forcing the Central Bank to coordinate policies with the government

The initiative consists of amending Law 86-FZ “On the Central Bank of the Russian Federation”. According to the RSPP, the government should check whether key areas of the Central Bank’s work correspond to the goals of socio-economic development, strengthening sovereignty, increasing population and improving the standard of living of Russians.

A Vedomosti source close to the RSPP confirmed that the proposal was discussed in the financial policy committee. Once developed, the initiative will be sent for discussion to the Central Bank, the State Duma and the government.

Businesses in particular are concerned about the high key rate, so there are “alarming signals associated with restrictions on the financing of business investment projects and even current activities,” the RSPP noted. Rising rates also force the Cabinet to divert funds from the budget to subsidize preferential lending programs, according to the analysis.

The Central Bank told the newspaper that the regulator is preparing a document on monetary policy together with the government. However, now this interaction may be formal, a source close to the RSPP told Vedomosti.

Vladimir Eremkin, senior researcher at VAVT’s Institute of International Economics and Finance, disagreed with the RSPP’s position. In conversation with the publication, he noted that interference in the work of the Central Bank threatens to manipulate economic goals and objectives to adapt them to the political situation. The expert cited the example of Türkiye, where the authorities’ influence on the central bank’s interest rate decisions caused record inflation.

At the end of October, the Bank of Russia published the main monetary policy guidelines for the period 2025-2027. The document reveals the regulator’s objectives and approaches with respect to the current and future conditions of economic development. According to him, the Central Bank’s inflation target for the next three years is 4%.