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Deripaska and Nabiullina engage in direct discussion

Head of the Bank of Russia Elvira Nabiullina and a billionaire Oleg Deripaska, who is known for his frequent critical statements aimed at her actions, met at the «RUSSIA CALLING!» forum and engaged in a direct discussion.

Deripaska is known for his blunt critic of inefficiency of Russia’s Central Bank policy.

«...There are two curves — demand and supply. You are constantly moving the demand curve downward and still think you’ll be able to move the break-even point as well. We need to provide supply. I can guarantee you that with your rates there will be no growth of supply, especially if you are worried about underlying inflation», started Deripaska.

After Deripaska finished his speech, Nabiullina took the floor. «I cannot deny myself the pleasure of talking to Oleg Vladimirovich. The first thing I agree with is that there are indeed two parts to the inflation equation — both demand and supply. It is out of the question that our policy must be directed at the increase of supply as well», said the head of the Bank of Russia.

She also stated: «Simply, the monetary policy instruments are what influences demand».