CBR plans to update forecast format in first half of 2021 — Nabiullina
The Bank of Russia plans to update its key rate forecast format in the first half of 2021, said Elvira Nabiullina, head of the regulator in an interview to Russia24 TV channel at VTB Capital’s Forum "RUSSIA CALLLING!".
“We would like to update the key rate forecast format, for it to be easier to understand. We think we will present a somewhat updated forecast format in the first half of the next year” — she said.
Nabiullina added that the Central Bank is regularly asked questions by experts and businessmen on when it would publish a key rate trajectory. “We were cautious about publishing it, since there were concerns that it could be perceived as a liability”, — she noted. According to her, if the rate changes, it would raise “not only claims to the Central Bank”, but risks for business would also arise, because market participants were guided by a forecasted trajectory and did not completely realize that the actual rate may differ from the trajectory.
“Now we see that our understanding of monetary policy, of the key rate role has improved. This is why we said that we will be ready to publish it. We are now thinking and continuing discussions on a form. We want it to be comprehensive”, — concluded the head of the Central Bank.